New Telegraph

NAICOM: MAMEs essential to economic growth

The Commissioner for Insurance and Chief Executive, National Insurance Commission (NAICOM), Mr. Sunday Thomas, has said that Micro, Small and Medium Enterprises (MSMEs) were essential for economic growth and employment.


He made the declaration in Kano during the sensitization programme by the commission and Star Saphire for start-ups on a proposed micro insurance and Takaful.

The two-day workshop, which had as its theme: ‘National Workshop on Micro Insurance and Takaful,’ was organised as a collaboration between the two organisations.

Thomas, while declaring the event open, during which he noted that MSMEs contributed 48 per cent to national Gross Domestic Product (GDP) 96 per cent of businesses and 84 per cent of employment.

He said that Nigeria had over 37.7 million MSMEs, according to the Ministry of Industry, Trade and Investment, and that for this reason, they could not simply be ignored, especially at a time when the government is looking for ways to address the twin problems of poverty and unemployment.

Also speaking, the Head of Micro Insurance unit of NAICOM, Hajiya Aisha Bashir, said the main objective of the workshop was to enlighten start-ups on the need to have microinsurance

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