Insurance will play a pivotal role in unlocking Africa’s economic potential and supporting sustainable development across the continent, Taiwo Oyedele, Nigeria’s minister of Finance, said on Wednesday.
Speaking at the Golden Jubilee celebration of the African Reinsurance Corporation (Africa Re) in Abuja, Oyedele, who was the special guest of honour, said stronger insurance markets, deeper financial integration, and innovation-friendly regulation are essential for mobilising capital, managing emerging risks, and driving Africa’s next phase of growth.
Oyedele, who eulogised the achievements of Africa Re over the past 50 years, described the institution as a compelling example of what African countries can achieve when they unite around shared economic goals.
According to him, Africa Re was established in 1976 with a clear vision “to strengthen Africa’s insurance capacity, reduce dependence on external markets, and support economic development through a stronger and more resilient insurance ecosystem.”
He noted that the Corporation has evolved
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