• About
  • Advertise
  • Privacy & Policy
  • Contact
Monday, August 4, 2025
Bislad News
  • Login
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports
No Result
View All Result
Bislad News
No Result
View All Result

Expert Calls For Retooling Of Nigeria’s Economy, Review Of PRA 2014

by Bisi Bamishe
November 4, 2020
in Pension
Expert Calls For Retooling Of Nigeria’s Economy, Review Of PRA 2014
Share this:

The Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Mr Austin Enajemo-Isere, said there is urgent need to consider alternative strategies to retool the economy for survival and growth even as he called for the review of the Pension Reform Act (PRA) to enable those in Real sectors of the economy have access to Insurance and Pension fund to finance their operations.

Mr Austin Enajemo-Isere, made the call while speaking at the 5th National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), themed “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, in Lagos today, as the Chairman of the occasion.

NSITF boss who identified the effect of the ravaging COVID-19 pandemic and wanton destruction of life and properties across the country caused by the ‘#EndSARS Mayhem, among many others on the economy, noted that the impact of these crisis have resulted into the Nation GDP declining from a growth of 2.2% in 2019 to about -4% by year end.

He said as a result of this, the Government, Private sector Institutions and individuals have continued to search for economic survival strategies to change the narratives and create new normal.

Read Also:

PTAD Expresses Commitment To Welfare Of Pensioners

PenCom, Head of Service Collaborate To Introduce Gratuity For Civil Servants Under CPS

Mr Austin Enajemo-Isere advocated for a deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net.

“In furtherance to the foregoing, the current restrictive nature of insurance and Pension Funds investment outlets calls for review of the legislations guiding investment of Insurance and Pension Fund. The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible FUNDS deserves attention.

“It is worthy to note and be reminded that Insurance and Pension funds are subject to regulatory guidelines as provided in section 25 of the Insurance Act 2003 as amended and Sect 86 of the PRA 2014, for the purpose of safety and Returns.

“However, a consideration for review of these legislations to enable some special and Real sectors of the economy have access to Insurance and Pension fund to finance their operations, will be most beneficial to the growth and development of the Nation’s Macroeconomic activities. A deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net, will be a welcome development,” he suggested.

NSTIF boss who stressed the important role of insurance as a catalyst to Nation building and risk transfer mechanism, commended underwriters for rising to their responsibility, noting that “some operators, in recent times have given assurances to the insuring public that reported claims emanating from the EndSARS protest, among others, will be promptly honored, particularly policies with extension that cover Strike, Riot and Civil Commotions (SRCC). This is cheering news for the Industry and the Nation in general.”

Previous Post

Expert calls for retooling of Nigeria’s economy, review of PRA 2014

Next Post

ADDRESS BY SIR MUFTAU OYEGUNLE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN) DURING THE OFFICIAL OPENING OF THE 2020 INSURANCE PROFESSIONALS’ FORUM ON THURSDAY 5TH NOVEMBER, 2020 AT PARK INN, ABEOKUTA, OGUN STATE.

Bisi Bamishe

Bisi Bamishe

I am a journalist with many years of experience in the field of Insurance and Pension. In 2003, I won Nigeria Media Merit Award of the IGI's Prize For Insurance Reporter of The Year

Related Posts

PTAD Expresses Commitment To Welfare Of Pensioners
Pension

PTAD Expresses Commitment To Welfare Of Pensioners

July 10, 2025
PenCom, Head of Service Collaborate To Introduce Gratuity For Civil Servants Under CPS
Pension

PenCom, Head of Service Collaborate To Introduce Gratuity For Civil Servants Under CPS

June 17, 2025
Leadway Pensure PFA Advocates Additional Voluntary Contributions For Future-Proof Financial Security
Pension

Strengthening Pension Systems: Leadway Pensure PFA Advocates Inclusion at Inspensonline Retirement Summit 2025

May 30, 2025
Anthonia Ifeanyi-Okoro Becomes PenOp Chief Operating Officers
Pension

Anthonia Ifeanyi-Okoro Becomes PenOp Chief Operating Officers

May 28, 2025
Enlightenment  Campaign : Pension lndustry Radio Program Debuts April 27.
Pension

Pension Industry Hosts Knowledge Session on “Demystifying Non-Interest Shari’ah-Compliant Investments.

May 28, 2025
How To Attaining Good Retirement Amid Economic Headwinds – Adegbayi 
Pension

How To Attaining Good Retirement Amid Economic Headwinds – Adegbayi 

May 24, 2025
Next Post
ADDRESS BY SIR MUFTAU OYEGUNLE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN) DURING THE OFFICIAL OPENING OF THE 2020 INSURANCE PROFESSIONALS’ FORUM ON THURSDAY 5TH NOVEMBER, 2020 AT PARK INN, ABEOKUTA, OGUN STATE.

ADDRESS BY SIR MUFTAU OYEGUNLE, PRESIDENT/CHAIRMAN OF COUNCIL, CHARTERED INSURANCE INSTITUTE OF NIGERIA (CIIN) DURING THE OFFICIAL OPENING OF THE 2020 INSURANCE PROFESSIONALS’ FORUM ON THURSDAY 5TH NOVEMBER, 2020 AT PARK INN, ABEOKUTA, OGUN STATE.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent News

Claims Payments :  Leadway Assurance  Leads lndustry with N67 Billion Paid In 2023   

Leadway Assurance Partners Ecobank To Expand Access To Tailored Insurance Solutions

21 hours ago
Nigeria’s Port Harcourt Refinery Not for Sale—NNPC Limited

Nigeria’s Port Harcourt Refinery Not for Sale—NNPC Limited

4 days ago
NAICOM Board Approves New Operational Structure For The Commission

NAICOM Issues Guidelines For Insurtech Operations ln Nigeria.

5 days ago
The Commission Will Not Be Held Liable For  Sharing Of Personal Data – NIMC Warms Nigerians

The Commission Will Not Be Held Liable For Sharing Of Personal Data – NIMC Warms Nigerians

1 week ago

Bisladnews.com is an online publication of Bislad Communication Network Company. It is a news platform dedicated to providing top news.

Follow Us

Browse by Category

  • Back in the days
  • Business
  • Features
  • Insurance
  • Interview
  • News
  • Opinion
  • Paper Presentation
  • Pension
  • Photo Gallery
  • Politics
  • Sports
  • Uncategorized

Recent News

Claims Payments :  Leadway Assurance  Leads lndustry with N67 Billion Paid In 2023   

Leadway Assurance Partners Ecobank To Expand Access To Tailored Insurance Solutions

August 3, 2025
Nigeria’s Port Harcourt Refinery Not for Sale—NNPC Limited

Nigeria’s Port Harcourt Refinery Not for Sale—NNPC Limited

July 30, 2025
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

No Result
View All Result
  • Home
  • Politics
  • Insurance
  • Pension
  • Paper Presentation
  • Opinion
  • Back In The Days
  • News
  • Business
  • Features
  • Photo Gallery
  • Sports

©2024 - Bislad News

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In