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Industrialist advocates existence of Project Underwriting Insurance Agencies in Nigeria

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The federal government has been urged to adopt policy framework that will allow International Project Underwriting Insurance Agencies to operate in the country to further strengthen industrialization in a bid to create more viable business opportunities for the nation.

The Chairman of Basic Metal, Iron and Fabricated Steel Manufacturers, a sectoral arm of the Manufacturers Association of Nigeria, (MAN), Dr.
Kamoru Yusuf, stated this in a statement issued on Thursday marking the 2019 Africa Industrialization Day.

The group noted that the policy will allow government to fund capital projects initiated by investors covering all business risks with full financial guarantee.

Dr. Yusuf who is also the Group Managing Director/CEO of KAM Holding Limited, noted that in as much as Nigerian manufacturers are taking big risk of the embarking on business activities with supports coming only from the Central Bank of Nigeria, (CBN), “Industrialists are still facing numerous challenges which can be categorized into; Finance, Power and Technical Expertise.”

According to him, “Africa Industrialization Day as recognized by the United Nations is memorable in such that Nigeria as a developing country should use the day as platform to appraise the country’s industrial development with cognizance attention to the nation’s growing population.

“Countries in East Africa were able to overcome this challenge because their governments have allowed International Project Underwriting Companies to operate in their countries thereby fully underwriting industrial developments and this ease arrangement of long term financing.

“Without this happening in Nigeria, manufacturers will continue to suffer while the spate industrialization will not be commensurate with what is obtainable in other countries.”

Speaking on the land border closure, the statement stressed that, “There is need to commend President Muhammadu Buhari over the bold attempt at getting the nation out of wilderness of impoverishment and insecurity. The step has further reposition Nigeria as truly the giant of Africa.

“Many countries are persuading us both directly and indirectly to open up our borders for movement of goods. But you will agree with me that since border closure announcement, the rate of insurgency attacks in the North East has reduced drastically. So we can conveniently score President Buhari high in that regard while we also urge him to consult with his new Economic Advisory Team on the need for International Project Underwriting Insurance Agencies for speedy Nigerian industrial growth.”

He however appealed to the federal government to support the steel sector stressing that “many industries have collapsed while over 10,000 Nigerians have loosed their jobs due to smuggling of steel products through seaports and importation of substandard products into Nigerian markets.

The group therefore thanked the authority of Central Bank of Nigeria, (CBN) under the leadership of Mr. Godwin Emefiele for the financial supports given to industrialists stressing that with more assistance, Nigeria will continue to lead the economic fortunes of Africa continent.”

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