The operators in the Nigerian Insurance and Pension sectors have been urged to explore the opportunities the COVID-10 pandemic has opened up to grow the sector and contribute to the National economy.
Mrs. Folashade Onanunuga, former Director-General, Lagos State Pension Commission, made this statement to journalists in Lagos during at a presentation at the 2021 NAIPCO National Conference titled, "COVID-19 impact on financial inclusion: Opportunities for insurance & pension sectors".
She added that while the pandemic had caused several disruptions to the global space, opportunities had also been created customer base.
She said that the pandemic should motivate citizens to make plans by themselves for their wellness in both business and family life as there was no real social security arranged by the government in the events of sudden and unexpected events.
She said, "Economic shocks like sudden loss of job, illness or death can send people living just above the poverty line into abject poverty.  So, whether one is in the formal or informal sector, there is the need to have a safety net.
“The sudden and unforeseen calamities created by the pandemic has highlighted the need to plan for unforeseen circumstances and even early retirement.”
She added that to take advantage of the available opportunities, the pensions and insurance industries must remain committed to the inclusive growth of the Nigerian economy, while creating opportunities for lower income groups to be part of the broader financial system.