{"id":32473,"date":"2021-08-06T10:02:08","date_gmt":"2021-08-06T09:02:08","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=32473"},"modified":"2021-10-07T00:43:31","modified_gmt":"2021-10-07T00:43:31","slug":"naicom-promotes-small-medium-scale-enterprises","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/naicom-promotes-small-medium-scale-enterprises\/","title":{"rendered":"NAICOM promotes small, medium scale enterprises"},"content":{"rendered":"<p>The National Insurance Commission (NAICOM) has sensitised more than 300 Nano, Micro, Small and Medium Enterprises (NMSME\u2019s) on the benefits of microinsurance products designed to meet their needs.<br \/>\nThe Commisioner for Insurance, Mr Sunday Thomas, said this at a one-day sensitisation workshop organised by the National Insurance Commission (NAICOM) for NMSME\u2019s in Lagos.<br \/>\nHe stated that the MicroInsurance and Takaful were two insurance offerings carefully designed for affordability and inclusiveness to bring insurance within the reach of the NMSME\u2019s which are one of the nations most valued contributors to the economy .<br \/>\nThomas said the products would support the NMSME\u2019s sector for speedy recovery when unforeseen situations occur.<br \/>\nHe noted that the workshop was designed to provide insights for the regulator to learn from, adequately protect the NMSMEs as policyholders as well as ensure a safe and sound insurance sector.<br \/>\nThe commissioner said that the engagement would also encourage innovation and product development that meet the specific needs of the MSMEs.<br \/>\n\u201d Acording to the National Bureau of Statistics (2019), NMSMEs in Nigeria have contributed about 48 per cent on average to the national Gross Domestic Product (GDP) in the last five years from a total of about 17.4 million enterprises.<br \/>\n\u201cThey account for about 50 per cent of industrial jobs and nearly 90 per cent of activities in the manufacturing sector.<br \/>\n\u2018In Nigeria, all development interventions of the current administration have had components focused on enabling these MSMEs sprout and flourish.<br \/>\n\u201d But unfortunately with little or no insurance content to deal with associated risks and ensure sustainability and guarding them against failure,\u201d he said.<br \/>\nThomas noted that whatever gain or progress made in the NMSME\u2019s sector could be halted abruptly in the face of a natural or man-made disaster which could often prove daunting to surmount without any support.<br \/>\nHe stated that when MSMEs are affected by any mishap, the disruption produces not only direct business losses, but also indirect losses and economic ripple effects.<br \/>\n\u201cThe range of impact include job losses, debt overhang, and a relapse of households into extreme poverty.<br \/>\n\u201cWhile the risks that expose MSMEs to this type of vulnerability may not be within the scope of human control, what is within human reach is a deliberate risk management plan through Insurance.<br \/>\n \u201cInsurance gives you confidence to venture, it is that product you buy when you think you do not need it because it may be too late to buy it when the need for it arises ,\u201d he added .<br \/>\nThe commissioner expressed concern that the importance of insurance to lives and property, adoption and penetration had been low in Nigeria.<br \/>\nThomas said that the workshop had so far been held in Kano, Kaduna and Abuja , pulling NMSMEs from these cities and their environs and the average attendance per location have been over 1000 MSMEs.<br \/>\n\u201d However, due to the prevailing pandemic and the need to adhere to the protocols, the number allowed in the hall today is restricted to 300 MSMEs.<br \/>\n\u201d Lagos state is a key stop for us for obvious reasons; first, Lagos has been Nigeria\u2019s nerve center of commerce, the state hosts the single largest number of NMSMEs in the country, put at 11.5% of total. (NBS 2019)<br \/>\n\u201d Secondly, and more importantly, the current and past administrations of this state have demonstrated a continuous commitment to sustaining MSME growth ,\u201d he said .<br \/>\nThe Chairman, Nigeria Insurers Association (NIA), Mr Ganiyu Musa. lauded NAICOM for organising the workshop as it would assist the insurers to adequately meet the needs of the small business owners.<\/p>\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-32473\" data-postid=\"32473\" class=\"themify_builder_content themify_builder_content-32473 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->\n","protected":false},"excerpt":{"rendered":"<p>The National Insurance Commission (NAICOM) has sensitised more than 300 Nano, Micro, Small and Medium Enterprises (NMSME\u2019s) on the benefits of microinsurance products designed to meet their needs. The Commisioner for Insurance, Mr Sunday Thomas, said this at a one-day sensitisation workshop organised by the National Insurance Commission (NAICOM) for NMSME\u2019s in Lagos. He stated [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24207,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125,126],"tags":[425],"class_list":["post-32473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","category-trade-and-industry","tag-naicom","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>NAICOM promotes small, medium scale enterprises - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/naicom-promotes-small-medium-scale-enterprises\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"NAICOM promotes small, medium scale enterprises - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"The National Insurance Commission (NAICOM) has sensitised more than 300 Nano, Micro, Small and Medium Enterprises (NMSME\u2019s) on the benefits of microinsurance products designed to meet their needs. 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