Abuja chamber educates SMEs on insurance for business sustainability

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By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI) hosted a webinar on Tuesday to educate Small and Medium Entrepreneurs (SMEs) on the significance of insurance in strengthening business sustainability in Nigeria.

Mr Agabaidu Jideani, Director-General of ACCI, explained that the purpose of the session was to raise awareness among entrepreneurs about the importance of insuring their businesses.

The webinar, organised by ACCI’s National Policy Advocacy Centre (NPAC), aimed to bridge the knowledge gap by highlighting the strategic significance of insurance and debunking common myths.

It also provided practical guidance on selecting the right insurance products to ensure business resilience.

“By giving SMEs a deeper understanding of insurance, we hope to strengthen the resilience and sustainability of Nigerian businesses,” Jideani said.

He emphasised that businesses, regardless of size, face risks such as natural disasters, financial crises, and unforeseen challenges, which could threaten their survival.

“Unfortunately, many small and medium-sized businesses in Nigeria fail to consider insurance as a fundamental risk management strategy, leaving them vulnerable to economic shocks.”

Jideani assured participants that the insights from the webinar would be conveyed to the relevant authorities to inform policies aimed at fostering business growth and development.

Mr Olusegun Omosehin, Chief Executive Officer of the National Insurance Commission (NAICOM), represented by Hajia Aisha Bashir, Head of Microinsurance at NAICOM, discussed the obstacles faced by Micro, Small, and Medium Entrepreneurs (MSMEs).

He emphasised the importance of insurance for the long-term viability of these businesses.

“Insurance is essential for business stability, continuity, and growth,” Omosehin stressed.

He explained that a strong insurance portfolio improves an MSME’s creditworthiness, making it easier for them to secure loans for expansion and investment.

He also noted that NAICOM was committed to making insurance accessible and affordable for MSMEs across the country, introducing insurance literacy programs to help business owners make informed decisions about their coverage.

Omosehin urged SMEs to view insurance not as an expense but as an investment in their business’s future.

He said that with the right coverage, their business would not only survive but also thrive. (NAN) (www.nannews.ng)

Edited by Abiemwense Moru

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