By Bakare Olatunde
The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Balogun Business Association (BBA) and ASPAMDA Market to accept Insurance products to protect properties against any unforeseen circumstances.
The Council, at the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign held at the Balogun Business Association Square (BBA), ASPAMDA Market, in Lagos noted that Insurance remains the best option to create wealth.
Addressing the Association in a meeting held at BBA Square, the President of the Council, Prince Babatunde Oguntade, assured them of the readiness of the Council to collaborate with the Executives of the Association and the traders on tailor-made insurance products.
Oguntade noted that Insurance has the responsibility to undertake to provide a guarantee of compensation for specified loss, damage, illness, or death.
According to him, the Council would ensure to get the best coverage at the best price for all Members of the Association.
Speaking also at the meeting, the representative of the NIA, the Controller Technical, Soji Oni, explained risk management mechanisms for market risk improvement during the campaign.
Oni said that businesses are faced with different risks or unforeseen circumstances, and the best risk treatment is insurance.
The NIA scribe noted that insurance is a key risk management tool for businesses, including stock-in-trade.
” For traders, we believe the right insurance product back up with risk improvement recommendations will be the cornerstone of their business’s success, providing them with the necessary security, peace of mind, and confidence to navigate unexpected occurrence,” Oni said.
The UNDP aims to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF).
As part of UNDP’s plan, to achieve the focus of IRFF in Nigeria, the plan is to carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.
This is expected to go a long way in assisting traders, who are major contributors to the Nigerian economy, to ensure the stability and sustainability of their businesses and, by extension, their families through many generations.
