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Mr. Olaotan Soyinka, Managing Director/CEO of Sovereign Trust Insurance Plc
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The contribution of the insurance industry into the country’s gross domestic product (GDP) is less than one per cent over the years. This, according to the Minister of Finance, Mrs. Kemi Adeosun at a recent event of the Nigerian Council of Insurance Brokers, (NCRIB), is not a welcome development if our economy is to grow exponentially and government of Nigeria is not happy with this. Former Minister of Finance and Co-ordinating Minister of the Economy in the last administration, Dr. Ngozi Okonjo-Iweala also said such situation is not acceptable to the government of Nigeria at the 2014 NCRIB conference in Abuja.
To redress this situation, different players in the Nigerian insurance industry have engaged the insuring public to enhance insurance contribution to the gross domestic product of the country. Sovereign Trust Insurance Plc is leaving no stone unturned is ensuring the insurance contribution to the gross domestic product of Nigeria increases from the present under one per cent. It is for this that the underwriting company is sponsoring the Ibadan Open Golf Tournament for the past six years.
