There has been a recent push by federal agencies for foreign businesses to set up shop in Nigeria. For example, the new SEC requirement mandates that crypto firms in Nigeria set up local offices and have their chief executive officer reside in the country. However, the problem is that the Nigerian Government has a terrible reputation with foreign companies. The Binance saga this year was a mess, and then the worsening insecurity, which led to the kidnapping of Fouani executives, does not inspire confidence.
Good read, Feyi. I believe it was Lead Assurance that provided a somber stat that roughly 1 in 200,000 Nigerians (or, 1,100 people) have life insurance, highlighting just how disinterested we are in paying life premiums.
That said, one would expect that this bill should, as you say, encourage more participation and collaboration in an industry in much need of support. Instead, we have raised barriers to entry with this new policy on recapitalisation and reinforced rigidity. It is the answer to the question no one asked.
Insurance uptake in Nigeria is really dire. Religion is often given as the easy excuse but it does not explain why Indonesia and even Pakistan manage to do so much better than Nigeria on that score.
There has been a recent push by federal agencies for foreign businesses to set up shop in Nigeria. For example, the new SEC requirement mandates that crypto firms in Nigeria set up local offices and have their chief executive officer reside in the country. However, the problem is that the Nigerian Government has a terrible reputation with foreign companies. The Binance saga this year was a mess, and then the worsening insecurity, which led to the kidnapping of Fouani executives, does not inspire confidence.
Good read, Feyi. I believe it was Lead Assurance that provided a somber stat that roughly 1 in 200,000 Nigerians (or, 1,100 people) have life insurance, highlighting just how disinterested we are in paying life premiums.
That said, one would expect that this bill should, as you say, encourage more participation and collaboration in an industry in much need of support. Instead, we have raised barriers to entry with this new policy on recapitalisation and reinforced rigidity. It is the answer to the question no one asked.
Insurance uptake in Nigeria is really dire. Religion is often given as the easy excuse but it does not explain why Indonesia and even Pakistan manage to do so much better than Nigeria on that score.