Kano, NAICOM Collaborate To Drive Foreign Direct Investments

Kano State government and the National Insurance Commission(NAICOM) have collaborated to enhance Foreign Direct Investment(FDI) into the state.

NAICOM had earlier took the gospel of insurance adoption to the state government, and the state government has now agreed to entrench insurance culture to drive local and foreign investors into the state.

Speaking in Abuja at a three-day retreat for members of the Technical Committee on ‘implementation of Third Party Liability and other Insurances in Kano State’ last week, the secretary to the Kano state government, Alhaji Usman Alhaji, who represented the state governor, Dr. Abudullahi Umar Ganduje, noted that, his state is exploring and promoting insurance culture in the state to, among others, encourage Foreign Direct Investment (FDI).

“In the long run, they (investors) will have to be insured as well and that will give them the safety required in case of any eventuality“The compulsory insurance policy adopted by Kano state government is deliberate because we know that in the long run, we stand to mutually benefit: the insurance companies; the State government and the people of Kano,” he pointed out.

The compulsory insurance policy, he stressed, was adopted by the state government in its quest to make Kano a better state, develop economically and move to the next level, believing the policy will guarantee “the protection of the people of the state and their businesses, by ensuring they are insured and in the event of any eventuality, they can get relief.”

Earlier, the commissioner for insurance/CEO, Mr. Sunday Thomas, at the retreat for members of the Technical Committee  on implementation of the Third party motor insurance, promised the committee that his commission is ready to provide all necessary support, especially, in the area of publicity, knowledge gap about insurance and expertise to assist  them carry out their assignment successfully.

To him, “it is my belief that once Kano State gets this right, the story is going to be same with other states in the region. As one of the leading commercial nerve centres in the country with huge population and business potentials, the adoption and enforcement of these compulsory insurances will no doubt boost insurance premium income in the country, create thousands of employment opportunities in the state, improve standard of living of the people and increase the state’s internally generated revenue.”

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