By Favour Nnabugwu
The president of the African Insurance Organisation (AIO), Mr Tope Smart, has announced the official incorporation of insurance sector integration into the African Continental Free Trade Area (AFCFTA).
Mr Smart, who is also managing director of Lagos-based NEM Insurance, announced this at the recent 25th African Reinsurance Forum held in Kigali, Rwanda, according to a report by the newspaper This Day.
In his explanation on the decision of the regional insurance body, Mr Smart said: “After deep reflection, the AIO Secretariat thought it wise that we incorporate insurance integration into this agreement.”
He also said that the AIO is studying how best to integrate the insurance industry into AfCFTA.
AfCFTA connects 1.3bn people across 55 countries in Africa with a combined gross domestic product valued at $3.4tn, according to the African Union. AfCFTA aims at accelerating intra-African trade and boosting Africa’s trading position in the global market by strengthening Africa’s common voice and policy space in global trade negotiations.