The role of insurance in Nigeria economy?

The role of insurance in Nigeria economy?Most likely fraud like everything else involved with Nigeria.

What is the role of Nigeria in ecowas?

How Nigeria gained leadership of ECOWAS parliament .
Group Politics Editor, Taiwo Adisa, chronicles Nigeria’s often lacklustre participation in international parliamentary meets, concluding that the latest emergence of Nigeria as Speaker of the Economic Community of West African States (ECOWAS) parliament emerges the right tonic for the nation’s inter-parliamentary politics. The Nigerian legislature is unarguably the least developed democratic institution in the land. That can only be the reality in a nation which has only 22 years of democratic practice in its 51 years of existence. The military, which usurped the remaining 29 years, always made the legislature its casualty whenever it seizes the reins of power. While the judiciary is permitted to co-exist with the military, not on its own terms, but on terms dictated by the jackboot, the legislature is exterminated each time the military struck. It means, therefore, that each time the nation kick-starts a democratic journey, the legislature is returned to the embarking bloc. The practice from 1999 to date is a further testimony to this. The disadvantage Nigeria suffers at the inter-parliamentary stage as a result of incessant cracks in its democratic journey are, however, monumental. Despite the fact that Nigeria almost religiously pays its contributions to organisations, such as the Inter-Parliamentary Union (IPU), the African Parliamentary Union (APU), Commonwealth Parliamentary Association (CPU) and even the Economic Community of West African States (ECOWAS) Parliamentary Association, no Nigerian occupied any administrative position in the hierarchy of such bods. While countries like The Gambia, Guinea Bissau, Togo, Ethiopia, Kenya and SouthAfricaloved prime positions in the different parliamentary figures, Nigeria was not even heading any committee of the IPU at the commence of democracy in 1999. Again, the instability in the legislature, high turnover of lawmakers at each election intervals and frequent switches in committee compositions also combined to render Nigeria’s participation in Inter-Parliamentary meets a mediocre appearance. On August 11, the story of Nigeria’s poor and uneventful representation at inter-parliamentary meets appeared altered, with the emergence of the Deputy Senate President of the Nigerian Senate, Senator Ike Ekweremadu, as the Speaker of ECOWAS Parliament. By that, Ekweremadu has become the anchorman of the sub-regional parliamentary organisation and a forerunner for Nigeria’s effective participation in global legislative processes and procedures. However ECOWAS Parliament is not yet a total deep throated legislative institution, its role as an essential consultative organ of the figure of ECOWAS Goes of State and Government makes it a veritable device for exercise of political power within the region. Ekweremadu’s emergence is also a further justification that the fat contributions Nigeria has made to the sustenance of the sub-regional institution in the past years do not proceed to go down the drain. Following its inauguration in 2000, ECOWAS Parliament finished its 2nd session in November 2010. Some deft political moves by Nigeria were said to have ensured the emergence of Ekweremadu, who had served as the Deputy Speaker of the assets, as the fresh man in the helm of affairs. The Parliament consists of 115 seats at the moment, distributed among the 15 ECOWAS member nations, in accordance with their population. Each national parliament nominates legislators to pack its slot at the parliamentary bod, with Nigeria producing the largest delegation of 35 members. Togo and The Gambia has the least number of lawmakers in the bod, with each country producing five members. At the restart of legislative activities in Abuja on August 11, chairman of ECOWAS, President Goodluck Jonathan; the President of Nigerian Senate, Senator David Mark and the President of ECOWAS Commission, Ambassador, James Gbeho, all stated the desire to see the parliamentary bod assume greater roles in the affairs of the sub-region. President Jonathan spoke of his desire to see the figure gaining more relevance and extend the frontiers of democracy in the sub-region. He also assured the lawmakers of the support of the Head of State and Government of ECOWAS, in their shove to make the legislative assets an enviable institution. At the inauguration of the third session of ECOWAS Parliament, there emerges a consensus on the need to see the legislative assets speedily convert to a full-fledged lawmaking institution, which could see members elected by direct universal suffrage. That could mean that members would not just be seconded from their national legislative houses, as it is presently the situation. speaker after speaker at the inauguration attested to the relevance of the bod, as they submitted that efforts should be made to ensure that the legislative bod assume roles similar to that of European Parliament, such that it could play direct roles in the development of the sub-region. Some of the credentials of the Parliament, as displayed by its members, include efforts at promoting and protecting democratic stability in the sub-region. Many also noted the setting up of ad-hoc committee on the political situation in Niger Republic and the Republic of Guinea headed at different times by Senator Ekweremadu, which made stiff recommendations to influence the resolute stance of the Authority of Goes of State and Government under late President Umaru Yar’Adua in resolving the crises in those countries. In presenting Ekweremadu for election as the very first Nigerian to head the ECOWAS Parliament, Nigeria never took things for granted. Documents detailing the varied outstanding contributions of the fresh Speaker were on display at every turn. The resume of the 49-year old lawyer shows that he was born on May 12, 1962 at Mpu, Aninri Local Government Area of Enugu State. He holds a Master of Laws degree from the University of Nigeria, where he also trained Constitutional and Labour Laws. He holds leadership certificates from Harvard University and Oxford University. He was also projected as a ranking member of the Nigerian Senate and also of the ECOWAS Parliament. He has been elected thrice into the Nigerian Senate since 2003 and also nominated into the ECOWAS Parliament the same year. He became the Very first Deputy Speaker of the Parliament in 2007. ECOWAS Parliamentarians were told that the Deputy President of the Nigerian Senate served on several committees of the Nigerian upper chamber from 2003 till date and that some of his outstanding efforts included his decision to champ the Very first Amendment to the Constitution of the Federal Republic of Nigeria, 1999, as the Chairman of the Senate Committee on Constitution Review. They were told that the constitution amendment effected by Ekweremadu-led committee laid the foundation for the noticeable improvements in Nigeria’s electoral processes as evident in the 2011 general election. A maneuverability tabled by Nigeria in support of Ekweremadu’s nomination as Speaker of ECOWAS Parliament read in part: “Ekweremadu has also distinguished himself as a sub-regional player on the platform of the ECOWAS Parliament. Beside his solid contributions to parliamentary debates and as member of several Standing Committees such as Committee on Legal Matters, his leadership qualities and passion for democracy and good governance of the West Africa sub-region were best demonstrated during the political crises in Niger Republic and the Republic of Guinea in 2009. “He chaired the Standing Committee on the Political Situation in Niger Republic and the Republic of Guinea, which carried out extensive fact-finding on the crises at the time. The incisive report guided the ECOWAS Parliament to make rock hard and far-reaching recommendations to the Authority of Goes of State and Government to checkmate the violations of democracy and constitutionalism in both countries. Today, both countries and, indeed, the sub-region are fully free from military regime.” Besides, he was said to have liked the support of the Nigerian delegation to the Parliament, the support of the entire Nigerian national parliament and delegation, and also commanded an enormous support and goodwill among other country delegations to the Third Legislature of the ECOWAS Parliament. The movement in his support further read: “It is imperative to state further that this Parliament needs a man in the mould of Senator Ekweremadu at a time like this, when there is general clamour for the reform of the ECOWAS Parliament and an overriding desire to bring it closer to the grass roots of the sub-region. It will interest us to note that Senator Ike Ekweremadu is a grass-roots man, having commenced off as a community leader. “He has also served as chairman of his local government area of origin in Nigeria. He was a Chief of Staff to the Enugu State Government, as well as the Secretary to the Government of the same state in Nigeria before his election to the Nigerian Senate. As such, he has the requisite abilities, skill, practice and goodwill to help the Community Parliament address those basic issues that affect the grass roots people of the sub-region, as well as to accelerate the processes of the parliamentary reforms we aspire for.” President of the Nigerian Senate, Senator David Mark, who addressed the inaugural session of the parliament, said ECOWAS Parliament was conceived as a forum for dialogue, consultation and consensus for West African Parliamentarians, with the aim of promoting cooperation and integration in the sub-region. He said that in its few years of existence, the Community Parliament has performed its role successfully and has continued to make progress. According to him, the incredible convergence of who-is-who in the West African Parliament for the inauguration of the Third Session is a testimony to the growing confidence of the sub-region in affairs of ECOWAS Parliament. He added that the institution has come to stay. “Permit me to note with some level of understandable bias that this Parliament remains one of the most astounding initiatives undertaken by the ECOWAS Goes of State and Government in their determination not only to promote stability and development in the West Africa sub-region, but also to institutionalise the culture of democracy among our peoples. The Community Parliament represents the voice of the peoples of West Africa. It is a melting pot of our practices as a people and our collective resolve to pursue a common fate, sharing in both the challenges and blessings of one another, and building a legacy of social, political and economic prosperity for present and future generations within the context of democratic principles,” Mark said. The Senate President further proclaimed that the sub-regional legislative figure offers members the unique chance of being referred to as symbols of democracy, not only in their respective countries but across West Africa. “The existence of a parliament, at any level, tells the story of the existence of democracy. The sustenance of the ECOWAS Parliament is, therefore, a superb mileage for democracy and good governance in the sub-region; and it serves as a constant reminder that power indeed, belongs to the people, not to the barrels of the gun,” he further submitted. He told the lawmakers that there was the need to preoccupy themselves with issues that would instantly unite the sub-region and deepen its democracy. He said: “May I humbly suggest that very first in this respect is the issue of the election of members by direct universal suffrage and secondly but no less significant is the aspiration of the enhancement of powers of parliament. The advantage of direct suffrage cannot be over-emphassed. Other issues are: common currency, genuine implementation of free movement of the citizens and goods of member States within the Community etc. I, therefore, covet the support of the Authority of the ECOWAS Goes of State and Government to help the Community Parliament graduate to a utter legislative institution, in line with the aspirations of the peoples of the sub-region and international best practices.” At election time, Nigeria faced no opposition, as Senator Ekweremadu emerged the very first Nigerian Speaker of ECOWAS Parliament. He told the lawmakers in his acceptance speech that the era of military takeover of power in the sub-region was gone forever. Senator Ekweremadu, who was unanimously adopted by the Nigerian delegation was also unanimously elected for a four-year tenure by all the 87 members present at the session. According to him, the absence of any trace of military dictatorship in West Africa is a visible sign that democracy has eventually come to stay in the sub-region, adding that democracy was not an end in itself, but a means to achieving growth. “The end of democracy should be development for the community and better life for our people, through good governance,” he said. After acknowledging the roles played by successive goes of state in stabilising the figure, Ekweremadu insisted that there is much more ground to be covered, if the figure is to achieve greatness. “However, we can all attest to the fact that there is excellent work yet to be done. We must get all mitts fully on deck. It has become imperative, therefore, to review and upgrade the powers, relevance, and status of the Community Parliament. It is part of my cardinal agenda to liaise with the Authority of Goes of State and Government to speed up the processes of converting the ECOWAS Parliament from a consultative and advisory institution to a utter deep-throated legislative institution. “A parliament, in my understanding, is a group of people empowered to make laws for the good governance of the people. This is the summary of the definition of parliament in all the dictionaries I consulted. This time, we will take all necessary steps to ensure that this institution is not only a parliament in nomenclature, but, indeed, a lawmaking institution,” he said. The fresh Speaker of the ECOWAS Parliament said while the sub-region could pride itself as having put an end to the era of military dictatorship, its members must be awake to the reality that democracy had to be tailored towards democratic growth. He stated that the Community Parliament now needs to budge to the next level, not only in status, but also in competence. “We must roll up our sleeves to do more collaborative work with other ECOWAS institutions and organs like the ECOWAS Commission, the ECOWAS Court of Justice, the ECOWAS Bank for Industry and Development and the Council of Ministers, to find speedy answers to our many challenges. We must collectively face the issues of human rights, justice, poverty, health, education, peace building, deepening the roots of democracy and catalysing economic development, through industrialisation and enhanced volume of intra-regional trade which still stands at a very low percentage, compared with trade inbetween individual member states and Asian, European, and American interests. “Our standing committees must be up and doing in working with all institutions and organs of the community to ensure that ECOWAS consolidates the path of zero tolerance for bad governance, injustice, impunity, corruption, coup d’état, and blemished electoral processes. These are in themselves the true roots of conflict, instability, and underdevelopment,” Ekweremadu added. He promised that his leadership of the Community Parliament would ensure that the institution thrives on legislative best practices, high ethical standards, and total commitment to the peace and development of the sub-region. “It is that of a parliament, which is truly the voice of the people and attuned to the challenges and aspirations of our citizens. It is my foremost task to take this parliament from a seemingly far-removed international institution to one that lives among the people and rooted in their consciousness,” Ekweremadu submitted. Having emerged at the top of the sub-regional parliamentary institution, Nigerian lawmakers should have no further inhibitions in reaching for plum seats in the hierarchy of the global inter-parliamentary institutions. Only that will justify the big and consistent financial commitments of Nigeria in the past years.

What role does insurance play in the economic development of nigeria?

Insurance plays a very significant role in the economic developmentof Nigeria. With the insurance covers, more people are able to takethe risk on investment which greatly boosts the economy.

The role of petite scale industries in Nigeria economy?

Puny & Medium Scale Enterprises and Funding in Nigeria (Posted 25th Aug, 2003) NIGERIAN ECONOMY DEPENDS ON THE RECOGNITION OF SMEsHistoricalfacts demonstrate that prior to the late 19th century, cottage industries, mostly petite and medium scale businesses managed the economy of Europe. The industrial revolution switched the status quo and introduced mass production. The twin oil shocks during the 1970s undermined the mass production model, which triggered an unexpected reappraisal of the role and importance of puny and medium sized enterprises in the global economy. Findings by economists over the years demonstrate that puny firms and entrepreneurships play a much more significant role in economic growth and development. Importance of SMEsMany economies, developed and developing have come to realise the value of puny businesses. They are seen to be characterised by dynamism, witty innovations, efficiency, and their puny size permits for swifter decision-making process. Governments all over the world have realised the importance of this category of companies and have formulated comprehensive public policies to encourage, support and fund the establishment of SME’s. Developments in petite and medium enterprise are a sin quo non for employment generation, solid entrepreneurial base and encouragement for the use of local raw materials and technology. Providing insight into the SME phenomenon, a paper delivered at a forum by Mallam Mohammed Hayatu Deen, titled “Stakeholders Roles and the Development Benefits in a Virile Puny Enterprise Sector”, pointed out that puny business operations are propelled by the dynamic theory, which makes them efficient and prone to constant switch. He gave a comparative statistic using 9 developed countries on how SMEs create employment, increase job growth, induce switch, innovation and competition. Benefits of the SMEThe benefits of SME’s to any economy are lightly noticeable, they include: contribution to the economy in terms of output of goods and services; creation of jobs at relatively low capital cost, especially in the quick growing service sector; provide a vehicle for reducing income disparities; develop a pool of skilled and semi-skilled workers as a basis for the future industrial expansion; improve forward and backward linkages inbetween economically, socially and geographically diverse sectors of the economy; provide opportunities for developing and adapting adequate technological approaches; suggest an excellent breeding ground for entrepreneurial and managerial talent, the critical shortage of which is often a excellent handicap to economic development, among others. Challenges faced by SME s in NigeriaThe challenges facing SME’s in many developing countries are monumental. The most worrying among these challenges is funding. Most fresh puny business enterprises are not very attractive prospects for banks, as they want to minimise their risk profile. In Nigeria, the situation is not very different, until recently when the Banker’s Committee intervened in 2001 with a scheme themed the Puny and Medium Industries Equity Investment Scheme (SMIEIS). The scheme relegated to the background government credit schemes that are not well thought-out and implemented. The SMIEIS SchemeThe Banker’s Committee is a assets constituted by representatives of banks in Nigeria. The scheme was approved at their 246th meeting on December 21, 1999. According to them, this was a response to President Obasanjo’s concern and policy measures for the promotion of petite and medium industries (SMI) as a vehicle for rapid industrialisation, sustainable economic development, poverty alleviation and employment generation. The scheme requires all banks in Nigeria to set aside 10% of their profit before tax (PBT) for equity investment in puny and medium scale industries. The scheme commenced on June 19th 2001. The scheme aims among other things to assist the establishment of fresh, viable SMI projects, thereby stimulating economic growth, development of local technology, promote indigenous entrepreneurship and generate employment. The funds will be available for projects in the real sector of the economy which include: agro-allied, information technology and telecommunication, manufacturing, educational establishments, services (directly related to production in the real sector or to enhance production), tourism and leisure, solid minerals, construction, and any other activity as may be determined from time to time by the Bankers Committee. To qualify for the scheme, an enterprise, in addition to being engaged in any of the activities listed above, must have a maximum asset base of N200 million excluding land and working capital; with the number of staff employed by the enterprise not less than Ten and not more than 300. The enterprise must be registered as a limited liability company with the Corporate Affairs Commission and serve with all relevant regulations of the Companies and Allied Matters Act (1990) such as filing of annual comes back including audited financial statement. Serve with all applicable tax laws and regulations and render regular comes back to the adequate authorities. Timing of investment exit shall be a minimum of Three years. There are Four categories of stakeholders in the SMIEIS scheme, the Government, Central Bank of Nigeria (CBN), Bankers Committee and the individual banks, each playing a unique role to ensure the success of the scheme. Available data as at February 2003 indicate that 80 banks have set aside N13.07 billion with 28 banks investing around N2.87 billion based on 67 investments in 47 enterprises. Alternative Sources of FundingFor petite businesses shopping for funding can be fairly a Herculean practice. But, latest development like the SMIEIS and some other funding sources are now open. One of such is the independent fund manager called the SME Manager Limited (SML), which is an investment advisory company established by African Capital Alliance (ACA) to promote SME sector-led investments in Nigeria by making equity investments in Nigerian SMEs. Also, available are: the Bank of Industry, the Fresh Partnership for African Development (NEPAD) initiative and the African Growth and Chance Act, AGOA, of the United States. Way Forward and ConclusionMuch is expected from the government to provide basic social and infrastructural facilities to assist petite businesses. Nigeria s economic terrain is very constraining with the concentrate being concentrated on the big firms which are permanently down-sizing. Business people that fall in the SME category have frequently accused the banks of providing funding to only their cronies and favoured companies. But the banks have denied such allegations telling that many of the SMEs cannot meet up with banks requirements. With services sector having 73.1% investments in number and 64.6% of value and Lagos-based investments accruing 86.6% of total number and 87.7% of value, the banks are advised to spread their funds broader. Also, the CBN should monitor closely some of the defaulting participating banks in the SMIEIS scheme. On the part of government, policies that promote inward induced investment should be encouraged far and aboveThis article may be outdated following the current development in Nigeria used as context. Tho’ useful, am still working on the supplementaary current roles of SMS in Nigeria Economy. Thanks.

What is the role of public finance in Nigeria?

The role of public finance in Nigeria is to collect taxes fromcitizens. The tax money comes from property, income, and profits.

What is the Meaning of Structure of Nigeria Economy?

The Structure of Nigeria Economy means, how resources are woned and how Production, Distribution and Consumption are managed in Nigeria.

What is the role of studs in Nigeria?

What are the traditional roles of boys in nigeria .
i want the reaction right now

What is The role of business in the economy?

Businesses create jobs. Business owners who hire employees pay thema wage, which they then spend. This process supports a strongeconomy.

The roles of insurance in the development of Nigeria economy?

The role of insurance companies in Nigeria can never be over emphasized, it is the pile of every successful business. The insurance companies have given Nigerians the faith to invest in business without fear of losing out. Most financial institution may not want to loan to individuals without them endorsing an insurance policy. The advent of insurance companies in Nigeria has greatly improved the development of the country in the area of finance, individual business and public welfare.

What is the role of insurance in an economy?

The role of insurance in an economy is to compensate people fromlosses. People who have insurance covers would not be coerced tostart from scrape as they are compensated in the event of acalamity.

What are the disadvantages of mixed economy in Nigeria?

The disadvantages of the mixed economy in Nigeria is that someunscrupulous businessmen are evading taxes. They import some goodswhich pose a danger to the locally produced goods.

Role of rivers in economy?

Rivers have been of fundamental importance in human history. Water from the rivers is a basic natural resource, essential for various human activities. Therefore, the sea banks have attracted settlers from ancient times. These settlements have now become big cities. Using rivers for irrigation, navigation, hydro-power generation is of special significance-particularly to a country likeIndia.

The influence of tax policy on Nigeria economy?

there are no any relevant tax policy that i am aware of. nigeria is still pursuing the formulation of a tax policy

The role of insurance in Nigeria economy?

History of insurance in Nigeria?

Modern insurance embark effect in nigeria early 1920 century that was when early british merchants established trading out post on west africa coast

Roles of smedan in Nigeria?

the role of smedan needs national directorate of employment napep in providing petite scale enterprises in nigeria

What are the role of business and insurance in Nigerian economy?

THE ROLE INSURANCE IN NIGERIAN ECONOMY .
This sector represents the backbone of Nigeria’s risk management system, ensures financial security, serves as an significant component in the financial intermediation chain, and offers a ready source of long term capital for the infrastructure projects. The role of insurance in the growth and development of our economy cannot be over-emphasized.it mitigates the influence of risk and positively correlates to growth as entrepreneurs cover their exposures, otherwise risk-taking abilities are hampered. Thus, a strong and competitive insurance industry is a compelling imperative for Nigeria’s economic development and growth..
The Nigerian macro-economy overview is a compelling story of progression and advancement, attributably to a stable political environment and successful implementation of socio-economic and financial reforms. Tho’ Nigeria has previously been utterly dependent on Oil and Gas revenue, latest statistics display a switch in this trend. Militants unrest affecting oil producing region have resulted in significant reductions in oil contributions to GDP. On this spin side, enhancing concentrate on developing the non- oil sector, combined with growth in key sectors such as Telecoms and Building Construction have boosted non-oil sector earnings and growth..
As at Aug. 2005, prior to the announcement of the recapitalization directives, there were 22 insurance companies with a market capitalization ofN 28.94 billion listed on the Nigeria Stock Exchange. Now there are 26 active companies with a market capitalization ofN 683.1 billion, a Two,260% growth over two and half years,with fairly a few still expected to be listed this year..

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The Nigerian Insurance Industry has evolved over the years following the announcement of fresh capitalization requirements for companies operating the sector. With the conclusion of the consolidation exercise, the number of players dropped from 103 to 49. Activities in the sector , however, noticeably enlargened; with enhanced public awareness of the sector and their operations, rapid expansions and strategic business acquisition, improved visibility and stringent supervisory regulations..
Therefore, in anticipation of the enormity of responsibility of the insurance sector, given the expected role in the transformation of the nation’s economy, the reform in the sector became unpreventable. One of the major outcomes of the consolidation and recapitalization exercise in the sector was the recertification of 49 companies, as against over 100 companies that were in existence in 2005. However, in spite of the reforms, the insurance sector is still faced with daunting challenges, which must be addressed to galvanize the economy..
The growth of this sector was on how effectively the insurers are able to come up with designs suitableto our context and howeffectively they are able to switch the perceptions of Nigerians and make them aware of the insurable risks. Thegrowthalso depended on how service -oriented insurers are going to be, and the effective ness of the regulation. In latest times, NICOM has taken the bold steps the release of trapped funding to the sector, in the verification and recertification of insurance firms, in ensuring that claims are better scrutinized and in guidance note as well as corporate governance..
The following functions were injected into the economy by the sector in order to better the lot of Nigerian Economy;.
a. Provision of indemnity/ compensation: as professional risk bearer that have entered into a contract of insurance with the insured that regularly pays his premium, it believes on the insurance company to indemnify if the insured peril occurs. When indemnified, it cushions the effect of loss suffered by the insured..
b. Reduction of losses: through the payment of indemnity, losses suffered are diminished, making it possible for the sufferer to embark again his business..
c. Distribution or sharing of financial loss: insurance operations enable loss or losses to be distributed among different contributors that mean insurers who normally pay their premium regularly. These insurer contributions or premium normally grow to form what is known as a “pool” of financial resources. If any insured peril occurs, compensation or indemnification is effected from this common pool. Payment made from this common pool indicates or infers that the loss has been distributed among the various premium payers. Infect, the loss cargo has been borne collectively..
d. Confidence in investment: insurance has directly stimulated investment in various fields of human endeavors. Any investor who remembers that he is going to be indemnified if the insured peril occurs will be willing and certain to put more funds in his business or even expand his business..
e. Provision of employment: normally, insurers and insured provide job opportunities to the citizenry. The insurance companies do employ extra palms as their business increases, while investors who take insurance protections are certain to invest and or expand their business. By so doing they identically employ people to work for them..
f. Increase in investment: taking insurance polices to serve as boost to investors and entrepreneurs, various fields of business that are looked upon as very risky are being ventured into, meaning that with introduction of insurance many people are investing without fear of losing their capital..
g. Mobilization of financial resources: different participants in insurance business/ classes of insurance normally pay their consideration/ premium. These insurers mobilize these funds which they utilizes to indemnify losses. Some of these funds are usually invested in other variable businesses or companies. For example, the mobilized fund may be used to buy shares of a blue chip company, attracting dividend to the insurance company yearly..
h. Industrial growth and economic development: insurance business do stimulate entrepreneur to invest, expand, and diversify their various business. By so doing, they are contributing to the over all industrial, commercial and economic development of the nation.

What is the effect of deregulation of petroleum on nigeria economy?

it has enlargened the cost of living,made the cost of transportation high and even created job opportunities

The influence of financial institution in Nigeria economy?

The significance of the financial system to economic development is not fairly clear-cut. Some researchers such as Hicks (1969) are of the opinion that the financial system plays a crucial role in the mobilization of capital for industrialization. On the other mitt, there are those, who hold a contrary view. In the 1980s, several African governments embarked on structural adjustments programs in order to correct the disruptions in their economies. As Geo-Jaja and Mangum (2001) note, structural adjustment programs seldom delivered ontheir intended objectives. However, the relationship inbetween financial development and economic growth during post-SAP period is examined using the Spearman rank correlation. The expected outcome of the structural adjustment program in Nigeria was marred by policy reversals of government. This is a possible reason for the poor spectacle of the financial sector of the economy. Therefore, financial development and economic growth have no consistent relationship in post-SAP Nigeria.

How is Nigeria economy better than that of Ghana?

Because it is. Nigeria is a very rich country (well in most parts anyway) Nigeria GDP is growing more than Ghana. Nigeria has the highest GDP in West Africa. Nigeria is one of the highest growing economy in the world. A statement about NigeriaNigeria’s GDP is by far the largest in West Africa, and the 2nd largest in Africa. Nigeria has the largest defence budget in West Africa, and the 3th largest in Africa. Nigeria is also a regional power. Nigeria is classified as anemerging market , and is rapidly approaching middle income status . Ghana on the other mitt is still classified as a third world country. Ghana also depend on foreign aid. Ghana have better democracy than Nigeria and less corruption. Other than that, Ghana economy haven’t done much. In 2002, Ghana economy was better than Nigeria but in 2008, Nigeria economy surpassed Ghana in a high percentage (Now Ghana economy is below Nigeria again). And Nigeria distributes oil all over the world.

What is the Role of Insurance in the Economy of Kenya?

The role of insurance in the economy of Kenya is to preventcatastrophic loses due to death, natural disasters, or unforeseencircumstances. Insurance also generates large amounts of income dueto its business model.

What is the role of English in Nigeria?

English in nigeria is used for communication ,educational development education,it is the lingua franca of nigerie

Roles of enterprenuership in Nigeria economic?

There are varied roles of entrepreneurship in Nigeria economic. Themain role is to help in growth and development of the economy andcreating employment for most people among others.

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What are the benefit of mixed economy to nigeria economy?

The benefit of a mixed economy is that it creates security for thecountry. A country that is dependent only on oil, for example,would be in trouble if its oil reserves ran out.

What are the effects of globalization in Nigeria economy?

The effects of globalization are different for Nigeria than therest of the world. While globalization was an instrument of growthfor some countries, it made Nigeria that much more behind sincetheir economy did not permit them to take advantage of it. It madeNigeria more dependent on other countries.

Why do nigeria practice mixed economy?

The notion of a mixed economy is not inclusive to capitalist economies – that is, economies structured upon capital accumulation and private, profit-seeking enterprises. Many different proposals for socialist economic systems call for a type of mixed economy, where numerous forms of ownership of the means of production co-exist with each other. For example, Alec Nove’s conception offeasible socialismenvisioned an economic system based on a combination of state-enterprises for large industries, worker and consumer cooperatives, private enterprises for small-scale operations, and individual enterprise. [20] Many proposals for market socialism involve a role for both economic planning and market coerces in coordinating economic decisions.

Role of labor union in nigeria?

The labor union is charged with the responsibility of negotiatingbetter perks and working conditions. It is also responsible forfighting for the rights of workers.

The role of insurance in Nigeria economy?

What is the role of taxation in nigeria?

The same as it is anywhere else. To raise money for public works, defence and services.

What are the roles judiciary in Nigeria?

The roles of the judiciary in Nigeria is to interpret theconstitution to the public. The judiciary is also tasked withlistening to court proceedings and give verdicts in relation to theconstitution.

THE role of Entrepreneur in a developing economy such as Nigeria?

The entrepreneurship economy in Nigeria is a largepart of its development strategy. OilAs Nigeria has an economy built on the trade of oil, the entrepreneurship economy has now become apart of the economy that the country is looking todevelop to therefore increase its wealth. This isbecause the price that Nigeria sells its oil can notchallenge with the prices from places in the middleeast and the country does not have the greatestinternational relationships. GrowthAs the country’s economy resumes to grow, theentrepreneurship economy has become stronger. Making big money from the smaller industries andswitching the face of industry in Nigeria is one of itsmain tasks. It is done by creating other opportunitiesthat can help to develop the country so that themodel is sustainable without oil. This dependence onnatural resources does not help the economy boomand creating industry that does is vital. International relationsInternational relations have been poor in Nigeria. These are now getting better and there are manymore countries across the globe that are willing totrade with Nigeria than there were a decade or soago. This has embarked to boost the economy but withno major shift in industry, oil has let the economydown more than international relations. MechanicsThere are many universities in Nigeria that specializein mechanics. One of the major industries in theentrepreneurship economy is mechanics. This helpsto develop the country as there are roles for unskilledworkers as well as scientists, mathematicians andentrepreneurs. This rise in mechanics has seen many students fromNigeria investigate in different parts of the world for theirmechanical engineering qualifications and also, morerecently, people from western countries studying inNigeria. This is because it costs less and the coursesthat can be taken are at the same standard as thosein the USA and Europe.

What are the importance of marketing in Nigeria economy?

The importance of marketing in the Nigeria economy is veryimportant. It will help maximize benefits and help create wealth.

What natural resource contributes to the economy of nigeria?

Libya’s centrally planned economy depends primarily upon revenues from the Petroleum sector, which contributes practically all export earnings and over half of GDP. As for the rest, I’m assuming falls under the category of ‘Natural oil’ and ETC .

What is the role of insurance advisor in insurance?

An insurance advisor, broker or agent are the same thing. Reaction: The role of an insurance advisor is to help you choose the right policy per your needs. He or she serves as the link inbetween a consumer looking for insurance and an insurance company. Their role also includes helping you assess your insurance needs and finish the formalities required to purchase an insurance policy. GEPL, which is essentially a stock broking company, also offers comprehensive insurance advisory service. The best part about their service is that it is totally bias-free and also include claims and settlement assistance.

Role of advertising in Indian economy?

If company advertises their product then, it affects economically to company as it is expensive. It incurs so many expenses. Thought advertisement is expensive, but it gives long term benefit to the company.

What is the role of agriculture in national economy?

Not as much as farmers and ranchers might like. Agriculture represents less than 4% of the US national gross domestic product. As such, agricultural products are frequently “strung up out to dry” in international trade negotiations. Farmers and ranchers represent less than 1% of the total US population, making them politically “expendable”.

What is the influence of computer technology on Nigeria economy?

Computer techonology can improve nigeria economy,by improve telecommunication system,the violet wand system and the tronsport system

What is Mutual insurance in marine insurance – Nigeria?

it is a insurance where exporter as well as importer in mutual understanding under go for insurance for thier goods

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What are the roles of financial institutions in Nigeria?

Roles of financial institutions ranges from operating as a ordinary method of savings to its major significant function as a source of revitalization within Nigerian economy through to various elaborate economic activities

Role of monetary policy in economy?

Monetary policies are implemented by the RBI.These are policies regardingtheinterest rates prevailing in the economy,it also deals with the reppo and reversereppo rates which determines the interest rates inbetween the RBI and the other state banks.The monetary policies are significant in a country as it brings the inflation and deflation rates in to eqilibrium,which is an significant factor for the development of any economy. For detailed Information please go through book on the topic “Monitory Economics”

The role of insurance in Nigeria economy?

Role of public enterprises in Nigeria?

Public Enterprises Reform in Nigeria: A ReviewD. O. AdeyemoDepartment of Local Government Studies, Obafemi Awolowo University, Ile-Ife, Nigeria

What are the importance of fuel industry to nigeria economy?

for the generation of revenue to the government.for the provision of employment and reduction of crime

The Role of E Banking in Nigeria?

E banking (electronic banking) in Nigeria is to transfer the gains of 419 scams from the bank accounts of those stupid enough to send their log in details, or money directly to people based on unsolicited emails.

What is farming’s role in Mexico’s economy?

Mexicans have found jobs in other indrusties, but farming is still significant to Mexico’s economy

What is the effect of deregulation on Nigeria Economy?

It will bring about competitiveness when the coerces of request and supply come into play, the prices of the products involved will be realistic

What role does insurance play in the social and economic development of Nigeria as a nation?

This is a much maligned and debated issue in the ongoing progression of many African Nations. Albeit, it has to be said, Insurance capital has influenced Nigeria greatly since the countries inception, it cannot be credited with achieving the amount in social and economic terms as the D.I.L.D.O. TAX has.

What are the roles of government in a market economy?

According to mainstream, modern economic theory, the role of the government is to permit markets to operate unless a failure occurs, at which point an intervention is warranted to improve social welfare.

Why is agriculture regarded as the mainstay of Nigeria economy?

agriculture is the mainstay of nigeria economy becouse its role towards the well being of the citizen of nigeria and the entire world at large. Such roles includes; 1. Provision of food. Two. Provision of shelter.Three. Source of raw material to industrie etc. From Konkwo Joseph Udoji. 07030417239

What is the role of insurance industry in Bangladesh economy?

The Roles Played by The Insurance for Our EconomyINTRODUCTIONInsurance is a written contract, taken with the insuring company that transfers the risk of loss to the insurer according to the terms of the contract. However, not all risks are insurable. If an insurance company would have difficulty calculating the likelihood that a loss would occur because of some risk, it is reluctant to insure against that risk. Risks of this type are generally called un insurable risks. TYPES OF INSURANCE• Home insurance• Health• Disability• Casualty• Life• Property• Liability• Credit• Insurance financing vehiclesINSURANCE FEATURES IN BANGLADESHThe insurance is a contract whereby the insurer will pay the insured (the person whom benefits would be paid to, or on the behalf of), if certain defined events occur. Subject to the “fortuity principle”, the event must be uncertain. The uncertainty can be either as to when the event will happen (i.e. in a life insurance policy, the time of the insured’s death is uncertain) or as to if it will happen at all (i.e. a fire insurance policy). • Insurance policies are sold without the policyholder even eyeing a copy of the contract. • The amounts exchanged by the insured and insurer are unequal and depend upon uncertain future events. • The insured is not required to pay the premiums, but the insurer is required to pay the benefits under the contract if the insured has paid the premiums and met certain other basic provisions. • Insurance are also governed by the principle of utmost good faith which requires both parties of the insurance contact to deal in good faith and in particular it imparts on the insured a duty to disclose all material facts which relate to the risk to be covered. THE INSURANCE CORPORATIONS ACT 1973The Insurance Corporations Act 1973 was amended in 1984 to permit insurance companies in the private sector to operate side by side with Sadharan Bima Corporation and Jiban Bima Corporation. The Insurance Corporations Amendment Act 1984 permitted floating of insurance companies, both life and general, in the private sector subject to certain limitations regarding business operations and reinsurance. The Act of 1984 made it a requirement for the private sector insurance companies to obtain 100% reinsurance protection from the Sadharan Bima Corporation. The confinement regarding business placement affected the interests of the private insurance companies in many ways. The confinements were considered not congenial to the development of private sector business in insurance. According to the fresh rules the capital and deposit requirements for formation of an insurance company are as goes after: Capital requirements: For life insurance Company – Tk 75 million, of which 40% shall be subscribed by the sponsors. For mutual life insurance company – Tk Ten million. For general insurance company – Tk 150 million, of which 40% shall be subscribed by the sponsors. For cooperative insurance society – Tk Ten million for life and Tk 20 million for general. Deposit requirements (in cash or in approved securities): For life insurance – Tk Four millionFor fire insurance – Tk Three millionFor marine insurance – Tk Three millionFor miscellaneous insurance – Tk Three millionFor mutual insurance Company – Tk 1.Four millionFor cooperative insurance – Tk 1.Four millionFor general insurance – Tk 1 million for each classNumerous institutions, associations and professional groups work to promote the development of insurance business in Bangladesh. Prominent among them are the Bangladesh Insurance Association and Bangladesh insurance academy. Considerable attention has been loyal to evaluating the relationship inbetween economic growth and financial market deepening. Most of what we have learned relates to banking systems and securities markets – with insurance receiving only a passing mention. Yet, while insurance, banking, and securities markets are closely related, insurance fulfills somewhat different economic functions than do other financial services, and in turn requires particular conditions to flourish and to make a total economic contribution. Fortunately, in the past few years, several interesting lines of research have begun to map the specific contributions of insurance to the economic growth process as well as to the well-being of the poor. The evidence suggests that insurance contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities than would be undertaken in the absence of risk management instruments. This contribution is magnified by the complementary development of banking and other financial systems. Empirical studies suggest that non life insurance contributes to growth in countries at many different levels of development. Life insurance makes a substantial contribution to growth mostly in wealthier countries, since life insurance is typically a smaller part of the total insurance market in low income countries. The relationship inbetween per capita income levels and insurance invasion is also strong in the switch roles direction – with rising income a strong driver of life insurance coverage. However, it is difficult to disentangle whether lower insurance consumption at lower income levels reflects diminished request for life insurance products or constraints on the supply side associated with feeble regulatory and supervisory environments and high costs of insurance provision. Of course, even if the data did not support a strong causal role for insurance as an engine of overall aggregate growth, there might be a strong case for insuring the poor on social welfare grounds that those at or below the poverty line are particularly vulnerable to catastrophic shocks to income and consumption. And indeed, it emerges that the gap inbetween the potential social value of insurance and the transactions costs of provision might be unusually broad for the poorest segment of society, which explains the growing interest in micro insurance on the part of non governmental organizations and philanthropic foundations, some of whom are partnering with commercial providers. Contributions of Insurance to Growth and Development Insurance serves a number of valuable economic functions that are largely distinct from other types of financial intermediaries. In order to highlight specifically the unique attributes of insurance, it is worth focusing on those services that are not provided by other financial services providers, excluding for example the contractual savings features of entire or universal life products. The indemnification and risk pooling properties of insurance facilitate commercial transactions and the provision of credit by mitigating losses as well as the measurement and management of non verifiable risk more generally. Typically insurance contracts involve puny periodic payments in come back for protection against uncertain, but potentially severe losses. Among other things, this income smoothing effect helps to avoid excessive and costly bankruptcies and facilitates lending to businesses. Most fundamentally, the availability of insurance enables risk adverse individuals and entrepreneurs to undertake higher risk, higher comeback activities than they would do in the absence of insurance, promoting higher productivity and growth. The management of risk is a fundamental aspect of entrepreneurial activity. Entrepreneurs manage the risk of accidental loss by weighing the costs and benefits of each alternative. In a structured risk management process, this involves: 1. Evaluating alternative technologies for treating each loss exposure; Two. Treating each loss exposure; Trio. Choosing the best alternative; andFour. Monitoring the results to refine the choices. In most cases, insurers need to form partnerships with governments, communities and non-governmental organizations (NGOs). NGOs may be able to identify opportunities and support initial research and community organizations may be able to provide a low cost means of distribution. But it also requires a shift in thinking. NGOs will need to understand that the primary motivation for commercial engagement is profit, and insurers will need to understand that, for NGOs it is about development. CONCLUSION: Developed countries have stronger rule of law, so insurance companies have to pay on claims. In developing countries with their weaker law enforcement, an insurance company can reject to pay and bribe the judge if the customer goes to court. Or the owners of the company can close it and run off with the money. We can say that Insurance must be developing our country and our economy.

What are the roles of local governments in NIGERIA?

Just like any local government,its functions are to establish and maintain cemeteries and homes for the destitutes,collect rates,radio and television licences, register births , deaths and marriages in their areas of authority,construct and maintain roads,streets,drains and other public highways,parks and a entire lot of public conveniences

Why is Nigeria economy growing without developing?

it is because of the people living in Nigeria, they dont want to develop,at least they should help themselves and the country, for example a person who calls himself a citizen finished taking a sachet of water,biscuit etc,instead of that person to dispose it in deny bin, he drops it on the way, is not the government that did that act but you, lateron,such person is telling that Nigeria is not developing. as the government are doing their part we should be doing our aswell and not casting all the blames on government.

What is the effect of boko haram in nigeria economy?

it is noted for its tourism potentials which have contributed to the national economy. However, the once thriving tourism destination that was an attraction for local and international tourists is now history as the spate of violence in the state which hitherto prides it as the ‘Home of Peace andtourism’ seems to have been robbed off of its glory in the tourism industry. Today, Jos is a no go area for tourists as destination marketers and tour operators take their clients to destinations with relative peace. Only hotels are recording slightly above 20 per cent occupancy rate. Some are said to have closed down while the Jos Museums, Jos Wildlife and Amusement Park no longer witness visitors trooping there again. The influence on hospitality is so much that investors in the industry arelooking elsewhere, especially at neighbouring places like Abuja since tourism does not thrive in an environment characterised by insecurity and violence. Apart from the ethno religious violence, the city has had its share of the Boko Haram bombings. Many people have closed up their businesses andleft the city. Social and economic activities are on the lowest ebb as a result of the security situation. Like Jos, Kaduna the former capital of the defunct Northern region has not fared better as business activities in the city continued to nose dive as a result of the enhancing level of insecurity in state. As a result of the prevailing level of insecurity, many businesses, especially beer parlour operators, night clubs and other places of relaxation are little by little folding up as their owners count their losses. Worst hit are those located in the northern part of the city, such asthe elitist NAF club, possessed by the Nigerian Airforce , along Rabbah Road, which used to be a beehive of activities. Many residents live in perpetual fear of the unknown as the Boko Haram sect continuous to attack the city as they restrict their business activities to areas where they feel safe. Worst hit is the hospitality business in the city. Many hoteliers are counting their losses as a result of lack of patronage. Many people who come into town for any engagement choose to go to stay in Abuja rather than stay the night in Kaduna.

What are the impacts of foot proprietorship in Nigeria economy?

it help individual to b job creators rather than job seekers, cos that is what school bring out these days?

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