IslamicFinance.de

Nigeria’s insurance industry showed significant signs of positive gains in 2014. The sector’s contribution to the GDP was still at 0.4 percent even though it could achieve no less than 10 percent annually if well developed. The low level has been largely due to low awareness, poor purchasing power of Nigerians, poor market drive and unexciting products from insurers as well as lack of government patronage of insurance. At the National Insurance Summit held in Abuja, in December 2014 the government announced that it has set a target of N1 trillion in the next three years, and N5 trillion gross written premiums for the insurance sector within the next 10 years.