Business
#AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase
BY NKECHI NAECHE-ESEZOBOR— Unitrust Insurance Company Limited is set to strengthen its presence in Nigeria’s retail insurance market as part of a strategic shift inspired by insights gained at the recently concluded African Insurance Organizations Conference in Cairo, Egypt.
Managing Director/Chief Executive Officer of the company, Mr. Adedayo Arowojolu, said the conference underscored the urgent need for insurers across Africa to expand access to insurance products through innovation, collaboration, and technology-driven solutions.
Speaking on the sidelines of the event, Arowojolu revealed that Unitrust Insurance, traditionally focused on corporate business, is now looking to develop products tailored to individuals and small businesses in a bid to contribute to the growth of insurance penetration in Nigeria.
“For us as a company, one of the key lessons we are taking away from this conference is the need to review our entire processes and product offerings,” he said. “We have concentrated largely on corporate business over the years, but going forward, we need to develop products that are suitable for individuals and strengthen our personal lines of business.”
According to him, discussions at the two-day conference highlighted the importance of leveraging technology to reach underserved populations and make insurance more accessible and affordable.
Arowojolu noted that despite Nigeria’s population of more than 220 million people, insurance penetration remains below one per cent, creating significant opportunities for insurers willing to innovate and address the needs of the mass market.
“The importance of extending insurance products to SMEs and individuals cannot be overemphasized,” he said. “The best way to achieve this is by using technology to reach those who currently have little or no access to insurance services.”
He added that affordability remains a critical factor in encouraging wider adoption of insurance products, especially in an environment where many consumers prioritize more immediate economic needs.
“If insurers can provide products that are relevant to people’s circumstances and financial realities, more Nigerians will begin to see the value of insurance and embrace it,” he said.
The conference also focused on fostering greater collaboration among African insurers, pooling resources, and reducing capital outflows from the continent, themes Arowojolu described as essential to the long-term growth and sustainability of the insurance industry.
He further noted that discussions around the role of insurance in sustaining businesses reinforced the need for increased awareness and education about the benefits of insurance protection.
As Unitrust Insurance evaluates the conference’s key recommendations, the company plans to explore new ways of delivering affordable insurance solutions to retail customers while leveraging technology to broaden its market reach.
“We need to let more people understand the value that insurance brings,” Arowojolu said. “By adapting some of the ideas and lessons from this conference, we believe we can play a greater role in deepening insurance penetration and expanding financial protection for Nigerians.”
This version makes Unitrust’s planned expansion into the retail and personal insurance segment the main news angle while weaving in the broader conference discussions as supporting context.
The post #AIOCAIRO2026: Unitrust Insurance Eyes Retail Segment for Next Growth Phase appeared first on Business Today NG.
The Centre for the Promotion of Private Enterprise (CPPE) has said the United States’ decision to impose a 12.5 per cent tariff on imports from Nigeria is unlikely to have a significant impact on Nigeria’s economy.
The think tank disclosed this in a statement by its Chief Executive Officer, Muda Yusuf, on Sunday, citing the dominance of tariff-exempt petroleum exports and the relatively small share of Nigerian exports destined for the US.
On Friday, the United States announced a plan to impose a 12.5 per cent tariff on imports from Nigeria.
The US government said the decision is part of a new trade measure targeting countries that have failed to prohibit the importation of goods produced with forced labour.
CPPE said the tariff is part of a broader policy shift by the United States aimed at protecting domestic industries and strengthening manufacturing competitiveness.
According to the think tank, the new tariff regime is a continuation of the reciprocal tariff policy introduced under US President Donald Trump, though it is now implemented under a different legal framework.
“CPPE’s assessment is that the new tariff regime represents a continuation of the Trump administration’s reciprocal tariff policy, albeit under a different legal framework.
“Following the judicial invalidation of the earlier reciprocal tariffs, the current measures appear to have been restructured under Section 301 of the U.S. Trade Act, with allegations relating to forced labour providing the statutory basis for their implementation,” CPPE said.
It added that although the legal basis has changed, the policy objective remains to essentially protect US domestic industries, strengthen American manufacturing competitiveness and advance broader US trade and economic interests.
Impact on Nigeria
The body said the direct economic implications for Nigeria would be limited because most of the country’s exports to the United States are petroleum products, which are exempt from the tariffs.
“Nigeria’s exports to the United States are heavily concentrated in crude oil, liquefied natural gas and other petroleum products, which account for more than 80 per cent of Nigeria’s merchandise exports to the US.
“These products have been exempted from the tariff measures, leaving the bulk of Nigeria’s exports unaffected,” the agency said.
CPPE also stated that the United States is not Nigeria’s largest export destination, noting that Nigeria’s first-quarter 2026 merchandise trade data showed that exports to the US accounted for only 5.56 per cent of total exports valued at about N21.6 trillion.
By comparison, India accounted for 13.09 per cent of Nigeria’s exports during the period, followed by France with 9.29 per cent, the Netherlands with 9.22 per cent and Spain with 7.68 per cent, placing the United States as the country’s fifth-largest export market.
ALSO READ: US tariff hike could hurt Nigeria’s export earnings, industrial growth – MAN
According to CPPE, these trade patterns reduce Nigeria’s exposure to the new tariff measures, noting that they will only have modest impacts on Nigeria’s export earnings, foreign exchange receipts and macroeconomic performance.
“While some non-oil exporters, particularly in agriculture and manufacturing, may experience reduced competitiveness in the U.S. market, the overall impact on Nigeria’s export earnings, foreign exchange receipts and macroeconomic performance is expected to be modest,” the body said.
The group added that the development reflects a broader shift in global trade towards protectionism and greater use of trade policy to advance domestic economic objectives.
Solution
CPPE urged Nigeria to accelerate export diversification, improve manufacturing competitiveness, deepen domestic value addition and maximise opportunities under the African Continental Free Trade Area.
It also called on the government to strengthen labour standards, improve supply chain transparency and engage the United States through diplomatic and trade channels to minimise the impact of the measures on affected exporters.
CPPE said the greater challenge for Nigeria lies in navigating an increasingly fragmented and protectionist global trading environment, rather than immediate export challenges.
“Overall, while the new US tariffs have generated understandable concern, their direct economic implications for Nigeria should not be overstated.
“The greater challenge lies not in the immediate loss of export opportunities, but in navigating an increasingly fragmented and protectionist global trading environment,” the think tank said.
-
Business3 days agoLingzhi Global Champions Coffee Culture at Jos Awareness Campaign
-
News1 day ago
Monday.com is the latest tech company to blame AI for layoffs — here are 20 others
-
Health3 days agoKano Renews Commitment to Eliminating Mother-to-Child Transmission of HIV, Hepatitis B, Syphilis
-
Business3 days ago
Nigerian Man Says ₦270,000 NELFUND Loan Helped Him Earn First ₦1 Million
