The Chairman, Nigeria Social Insurance Trust Fund, (NSITF), Mr Austin Enajemo-Isere, said there is urgent need to consider alternative strategies to retool the economy for survival and growth even as he called for the review of the Pension Reform Act (PRA) to enable those in Real sectors of the economy have access to Insurance and Pension fund to finance their operations.
Mr Austin Enajemo-Isere, made the call while speaking at the 5th National Conference of the National Association of Insurance and Pension Correspondents (NAIPCO), themed “Promoting Bankable Investments Portfolio for Insurance and Pension Sectors, in Lagos today, as the Chairman of the occasion.
NSITF boss who identified the effect of the ravaging COVID-19 pandemic and wanton destruction of life and properties across the country caused by the ‘#EndSARS Mayhem, among many others on the economy, noted that the impact of these crisis have resulted into the Nation GDP declining from a growth of 2.2% in 2019 to about -4% by year end.
He said as a result of this, the Government, Private sector Institutions and individuals have continued to search for economic survival strategies to change the narratives and create new normal.
Mr Austin Enajemo-Isere advocated for a deliberate policy by the authorities, in addition to what is currently obtainable, directly or through moral suasion to invest Insurance and Pension Fund in sectors such as Manufacturing, Agriculture and Aviation, etc with an inbuilt safety net.
“In furtherance to the foregoing, the current restrictive nature of insurance and Pension Funds investment outlets calls for review of the legislations guiding investment of Insurance and Pension Fund.
The yelling and plea from the Organised Private sector of Nigeria (OPSN) to create more access to investible FUNDS deserves attention.
