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Insurance Sector Holds Biggest Untapped Opportunities in Nigeria’s Economy — Akinwunmi

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*Insurance Sector Has Biggest Untapped Opportunities In Nigeria’s Economy, Says Akinwunmi*

Investment expert and Chief Economist, United Capital Plc, Mr Ayodele Akinwunmi, has said that Nigerian Insurance sector has one of the biggest untapped opportunities among other sectors of the economy.

Akinwunmi, who stated this while presenting a key note address on Post – Recapitalisation and Market Dynamics in Insurance and Pension Sectors at the Annual National Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), noted that, the winning insurers in Nigeria’s next decade would be those who deploy capital into underwriting excellence, inclusive products, digital infrastructure and productive long-term investment, not those who simply hold the largest balance.

He noted that, at 0.4 percent to 0.5 percent of GDP, Nigeria’s insurance penetration was one of the lowest in the world and that made it one of the biggest untapped opportunities.

He said, a post -recapitalisation transmission mechanism in Nigeria’s insurance industry would witness stronger insurers, deeper markets and a more resilient Nigeria.

According to Akinwunmi, with recapitalisation, there will be stronger capital and risk- based solvency which would give rise to higher minimum capital and stronger balance sheets, compliance with risk- based capital requirements as well as greater resilience to shocks.

He also said, with the new capital,Nigerian underwriters would have the ability to underwrite larger and more complex risks, retain greater portion of domestic risks, they would reduce reliance on foreign reinsurers as well as provide support for key sectors such as energy, infrastructure, SMEs, retail and agriculture.

He further noted that, with the new capital, the industry would witness the use of digital platforms and wider distributors, data driven pricing and underwriting , introduction of innovative products for micro, retail , parametric , Takaful and other specialised Products .

He further said, in the face of the new capital, the operators’ services would be automated and straight- through claims processing as well as improved customer experience and operational efficiency.

The post Insurance Sector Holds Biggest Untapped Opportunities in Nigeria’s Economy — Akinwunmi appeared first on Business Today NG.

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CBD COP17: Namibian Biosafety Expert Martha Kandawa-Schulz dies in Yerevan

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Martha Kandawa-Schulz, Namibia’s Cartagena Protocol National Focal Point, died in Yerevan, Armenia, while participating in the ongoing United Nations Biodiversity Conference (CBD COP17).

Ms Kandawa-Schulz, a professor, died on 23 October, according to a statement the Convention on Biological Diversity (CBD) Secretariat issued Sunday evening.

She was serving as Co-Chair of the Contact Group on Risk Assessment and Risk Management of Living Modified Organisms at the conference.

In a message to delegates, the Secretariat described her as a highly respected colleague whose dedication, expertise, and leadership contributed significantly to the Convention and its Protocols, as well as to the global biosafety community.

It said her commitment and collegiality had earned her the respect and appreciation of colleagues who had the privilege of working with her.

The Secretariat extended its condolences to her family, friends, colleagues, and the Government and people of Namibia.

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It also expressed sympathy to the African Group and others mourning her death.

“The Presidency and the Secretariat are working closely together to support her family and the Namibian delegation on site, and to facilitate the necessary arrangements,” the statement said.

The Secretariat also announced that a book of condolences would be available to delegates from 13:00 on Monday at Entrance 2, near the Asia-Pacific Room, for those wishing to pay their respects.

It urged delegates to honour Ms Kandawa-Schulz’s memory and recognise her contributions to the shared objectives of the Convention.

ALSO READ: CBD COP17: Nigeria, six others each win $50,000 grant for biodiversity projects

The circumstances surrounding her death were not stated, although reports indicate that she collapsed during her engagement in the working group meeting on Friday.

CBD COP17 is taking place in Yerevan, Armenia, bringing together governments and other stakeholders to deliberate on global biodiversity conservation and the implementation of the Convention and its associated protocols.

Government representatives, delegates, scientists, civil society representatives and researchers, among others, from nearly 196 countries are participating in the conference.


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CBD COP17: Nigeria, France Push for Faster Action on 30×30 Biodiversity Target

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Nigeria and France have called for stronger political leadership, increased financing and concrete commitments to accelerate the implementation of the global target to protect 30 per cent of the world’s land and seas by 2030.

The two countries made the call during a Target 3 Action Day at the ongoing 17th Conference of the Parties to the United Nations Convention on Biological Diversity (CBD COP17) in Yerevan, Armenia.

As co-chairs of the High Ambition Coalition (HAC) for Nature and People, the countries stressed the need to sustain political commitment and translate global biodiversity pledges into measurable conservation outcomes.

HAC is the largest multilateral coalition united to protect nature. With 123 member countries, the coalition is leading the historic effort to conserve and protect at least 30 per cent of the world’s land and 30 per cent of the ocean by the year 2030 (“30×30”).

This ambitious plan is a key target of the Kunming-Montreal Global Biodiversity Framework. Established in 2023, the permanent HAC for N&P Secretariat has made significant progress in supporting its members to implement this global target, aiming to halt and reverse biodiversity loss and put nature on a path to recovery.

Charles Nicolai, who spoke on behalf of the coalition, said political leadership must continue beyond adopting the target at CBD COP15 in Montreal, Canada.

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“Political leadership did not end in Montreal, when Target 3 was adopted at CBD COP15. It must endure until the target has been collectively achieved,” he said.

Mr Nicolai warned that weak political commitment could slow implementation, adding that only four years remained to achieve the 2030 target.

“Where leadership falters, implementation slows. With only four years remaining until 2030, we cannot afford to lose momentum,” he said, expressing confidence that the 30×30 target remained achievable.

The 30×30 target is a central component of the Kunming-Montreal Global Biodiversity Framework adopted in 2022. It calls on countries to ensure that by 2030, at least 30 per cent of terrestrial, inland water, coastal and marine areas are effectively conserved and managed.

Nigeria, France outline progress

Mr Nicolai said France had used its presidency of the Group of Seven (G7) this year to advance the effective management of marine protected areas.

He said G7 environment ministers agreed to make the issue a collective priority and established a dedicated platform to exchange knowledge and best practices to improve the management of protected marine areas.

In West Africa, he said, Nigeria had played a leading role in advocating for the 30×30 target, using its diplomatic influence to promote a coordinated approach to expanding and strengthening protected areas on land and at sea.

He added that the coalition had organised six regional and global consultations, with support from its secretariat, to identify measures needed to strengthen implementation.

The consultations, held through platforms including ChangeNOW, the Our Ocean Conference, and meetings of the Convention’s scientific subsidiary body, helped develop a 30×30 Ministerial Declaration.

According to Mr Nicolai, the declaration was designed to renew political leadership and encourage coalition members to make more ambitious commitments.

The coalition also presented the declaration and a 30×30 Global Assessment at a Nature Leaders event at the United Nations headquarters, attended by heads of state and ministers from several countries.

Nigeria highlights six principles

In her remarks, Sikeade Egbuwalo, Nigeria’s focal point person to the Convention on Biological Diversity, said achieving the target would require coordinated action across governments, communities, businesses and civil society.

She described the 30×30 ambition as more than a slogan, saying it represented a commitment to nature, people and future generations.

Ms Egbuwalo outlined six guiding principles underpinning the ministerial declaration:g collective responsibility, transparency, effective management, community participation, local implementation and adequate financing.

She said governments must demonstrate progress through transparent reporting, including submissions to the World Database on Protected and Conserved Areas and national reports to the CBD.

She also warned against treating the target as a numerical exercise, stressing that protected areas must be effectively managed, ecologically connected, representative and well governed.

“Quality matters just as much as quantity! It is not enough to draw lines on a map and declare victory,” she said.

Ms Egbuwalo further emphasised the need to ensure that Indigenous Peoples and local communities had meaningful roles in conservation decisions, noting their longstanding contributions to protecting nature.

She called for stronger national implementation and regional cooperation, including progress toward ratifying and implementing the Agreement on the Conservation and Sustainable Use of Marine Biological Diversity of Areas Beyond National Jurisdiction, known as the BBNJ Agreement.

READ ALSO: ANALYSIS: CBD COP17: Russia, Africa disagree as delegates adopt 14 decisions

Funding remains critical

Mrs Egbuwalo identified financing as a major requirement for achieving the 2030 target, particularly in developing countries.

“Ambition is wonderful, but ambition without resources will not get us very far,” she said, calling for adequate, accessible and timely funding to translate commitments into conservation outcomes.

She urged governments, development partners, businesses, civil society organisations and other stakeholders to sustain the momentum generated at COP17 beyond the conference.

Mrs Egbuwalo also announced that the coalition would work towards organising its first 30×30 Global Summit in 2027, providing another platform to assess progress and share successful conservation initiatives.

She said the initiative would bring together governments, non-governmental organisations, funders, Indigenous Peoples and local communities, businesses,s and other partners.

“30×30 is not a competition over who protects the most. It is a collective mission to ensure that nature wins — and when nature wins, humanity wins!”


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