ACCI, NPAC Partner To Enhance SME Insurance For Business Resilience
The Abuja Chamber of Commerce and Industry (ACCI) and National Policy Advocacy Centre, (NPAC) are collaborating to enhance the resilience of Small and Medium Enterprises (SMEs) against financial risks.
Director General, ACCI, Mr. Agabaidu C. Jideani, speaking during a high-level webinar titled “Can SMEs Still Afford the Risk of Not Insuring Their Businesses?” highlighted the importance of insurance in shielding businesses from financial shocks and ensuring operational stability.
Jideani stated that SMEs remain the backbone of Nigeria’s economy noting that they are highly vulnerable to unexpected disruptions such as theft, fire, and natural disasters.
“To strengthen the resilience of Nigerian businesses, we must bridge the knowledge gap on insurance by educating SMEs, dispelling common myths, and facilitating access to affordable insurance products. This collaboration between ACCI, NAICOM, and industry stakeholders is a step toward ensuring that SMEs understand and leverage insurance as a strategic tool for sustainability,” he added.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Ayo Omosehin, underscored that insurance is a crucial risk management tool that guarantees the sustainability of SMEs.
Omosehin who was represented by the Head of Microinsurance, Hajia Aisha Bashir, emphasized NAICOM’s strategic initiatives aimed at increasing accessibility, affordability, and awareness of insurance products tailored for micro, small, and medium-sized enterprises.
These initiatives, he said include Microinsurance and Takaful guidelines designed to foster financial inclusion.
Director at Gulf Insurance Brokers, Mr. Francis Nzeh, stressed that insurance serves as a financial safety net, protecting businesses from potential losses.
Nzeh cited key benefits such as risk mitigation, improved access to credit, and business continuity.
On her part, Head of Training Academy at AXA Mansard Insurance, Chidinma Gbemileke called for stronger regulatory enforcement to ensure fair practices in the insurance sector.
She harped on the need for increased sensitization campaigns leveraging digital platforms and community outreach to educate SMEs on insurance benefits.
