Aregbesola Tasks Insurance Brokers on Recovery of Ailing Economy ......Says survival of Nigeria calls for all.

Aregbesola Tasks Insurance Brokers on Recovery of Ailing Economy

......Says survival of Nigeria calls for all.

The Governor of Osun State, Rauf Aregbesola, today stated that insurance brokers have crucial roles to play in the efforts to revamp Nigerian ailing economy.

The governor stated this while declaring open the 2016 Chief Executive Officers' retreat of the Nigerian Council of Registered Insurance Brokers at Zenababs, Ilesa.

Aregbesola, who was represented by his Chief of Staff, Alhaji Gboyega Oyetola, tasked the professional body to work out a modality capable of rescuing Nigeria from the present economic challenges.

Lamenting over the current state of the nation's economy, the governor suggested that the ways to liberate the country from its present state was for the professional bodies to institutionalise strategies and map out realistic economic policies to mitigate the situation.

He decried the mono-economic nature of the Nigeria's economy, saying all hands must be on deck to find possible solutions to the nation's socio-economic, political and cultural challenges.

Aregbesola attributed the challenge facing the country to over-reliance on crude oil, stressing that if successive governments had brilliantly diversified the economy, Nigeria would not have suffered from the present economic calamity.

The governor who reiterated that the nation is going through a tough economic situation, called on the members and leadership of (NCRIB) to come to the aid of the nation especially in rescuing over 27 states of the federation who are presently facing challenges in the payment of salary arrears.

He said: "Unknown to many, insurance, more than banking, actually drives the economy. When businesses are insured, it gives entrepreneurs the liberty to take informed risks, knowing that their backs are covered.

"Risk taking is critical to capitalism and the confidence that the business is insured, for most part, is the motive force of capitalism.

“However, beyond providing cover, the due diligence report and other expert report required by insurance firms ensure that actual risks are minimized.

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"Insurance companies also help the economy with the provision of long term funds which are mostly invested in real estates and industrialisation."‎

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Governor Aregbesola said except Lagos State, no other state government can boast of meeting its workers' salary obligations and pensions, therefore charging the council to wade into rescuing the affected states through its expertise.

The President of NCRIB, Mr. Emmanuel Okunoren, commended Aregbesola for living up to the expectation in both human and infrastructural developments.

He lauded the state government on its giant strides in all sectors of the economy, stressing that the state government has proven its weights as a model by all ramifications.

"We chose Osun State for our retreat so as appreciate the good works of the current government and further entrench our relationship with the state," he stated.