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FG needs insurance to open business opportunities – LCCI DG

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Compulsory insurance ’ll not increase patronage in Nigeria, says Old Mutual Chief

The Director-General, Lagos Chamber of Commerce and Industry (LCCI), Muda Yusuf, has called on the Federal Government to leverage insurance to unlock business opportunities in the country and get the country out of economic recession.

Yusuf, who said this in a radio programme in Lagos, noted that the government needs insurance to unlock Small and Medium Enterprises (SMEs) potentials in the economy.

The LCCI DG posited that most SMEs need finance but can’t access the fund due to lack of credit guarantee which can only be obtained through insurance.

He said insurance remains the best way to obtain secured financial support from banks, adding that no bank would lend credit to any firm without adequate guarantee.

Muda Yusuf however, urged the government to use insurance to de-risk SMEs, which are presently considered high risk by financial providers.

He maintained that the much talked about job creation by the government can only be achieved, through the use of insurance, adding that insurance remains one of the best tool to unlock jobs creation in the country.

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