President Muhammadu Buhari has signed the instrument to establish the African Insurance Agency.
The Special Adviser to the President on Media and Publicity, Femi Adesina, disclosed this in a statement on Monday.
According to him, the Agreement and the Agency are registered with the Secretariat of the United Nations in accordance with Charter of the United Nations, and is in cognizant of the fact that lack of adequate political, non-commercial and commercial risk insurance is a significant impediment to the availability of finance for investments in Africa and the expansion of African foreign trade and intra-Africa trade.
Adesina said the Agency, when executed, would acknowledge previous multilateral efforts made by African States towards regional economic integration through co-operation in trade liberalisation and development.
He explained that this was aimed at attaining sustainable growth, promoting economic activity, and creating an enabling environment for foreign trade, as well as cross-border and domestic investments.
“Recalling the economic objectives and aims of the African Union, there are several African Treaties on regional economic integration, including the Treaty Establishing the Common Market for Eastern and Southern Africa, the Treaty Establishing the Southern African Development Community and the Treaty Establishing the Economic Community of West African States.
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“A memorandum from the Attorney General and Minister of Justice, Abubakar Malami, stated that the request for the President’s signature on the agreement was sequel to the directive of the Federal Executive Council, that the instrument is prepared and forwarded for execution,” the statement said.
Mr. Adesina further stated that the ratification was adopted at Grand Bay in the Republic of Mauritius on May 18, 2020.
He noted that the object and purpose of the Agency were to provide, facilitate, encourage and otherwise develop the provision of, or the support for, insurance, including coinsurance and reinsurance, guarantees, and other financial instruments and services, for purposes of trade, investment and other productive activities in African States in a supplement to those that may be offered by the public or private sector, or in cooperation with the public or private sector.