Business Poor Nigerians also Need Insurance- Soladoye



An insurance expert, Chief Yemi Soladoye, Managing Director of RiskGurad Africa Insurance Brokers, in an interview with the #Tribune says the vulnerable poor people in Nigeria earning less than $5 per day also needs to be insured.

Responding to why the promising Takaful and Micro Insurance scheme from the National Investment Commission, NAICOM, haven't been implemented since it's launch, he said the schemes were still in document form and it was now left for the owner of the project to implement it, "and if they ask you to come and implement, then they must provide the requirements at the implementation stage," he added.

According to him, the implementation of these schemes will meet and exceed it's target, including people who earn less than $2 a day.

"National Bureau of Statistics (NBS) in 2011 revealed that there were 112 million poor people in Nigeria. Another organisation came up to say the population of poor people in Nigeria was equal to the entire population of seven other countries in West Africa. So we based our projection on available statistics within the market.

"We divided the 112 million poor people indicated by NBS to commercially viable poor people and the vulnerable poor people. The commercially poor people are those earning between $4 and $2 a day. The vulnerable are those earning below $2 a day who must even satisfy the physiological need of food, shelter and clothing before they can talk about security, because insurance is part of security. We did all these, so why won’t it be realised?

He also challenged the National Insurance Commission (NAICOM) to reduce its ‘exorbitant fees’, and be more enthusiastic about its duties to the nation.

#Nigeria #NAICOM #RiskGuard


  • soladoye2.jpg
    7.4 KB · Views: 8