{"id":11487,"date":"2017-03-13T14:51:53","date_gmt":"2017-03-13T13:51:53","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=11487"},"modified":"2017-03-13T14:51:53","modified_gmt":"2017-03-13T13:51:53","slug":"nigeria-to-have-15th-largest-industry-by-2020-cbn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/","title":{"rendered":"Nigeria to have 15th largest industry by 2020 \u2013 CBN"},"content":{"rendered":"<p>The Central Bank ofNigeria (CBN) has disclosed plans of positioning the Nigerian insuranceindustry among the 15 largest in the world come\u00a0year 2020.<\/p>\n<p>The apex bank\u00a0said a lot of transformation was going on in the sector, as enshrined in itsFinancial System Stability 2020 (FSS 2020) aimed at revamping the sector,adding that it was working with the National Insurance Commission to\u00a0achieve this\u00a0 feat.<\/p>\n<p>The Head, Insurance Sector FSS 2020, CBN, MrChristian Muo in Sokoto recently, regretted that insurance contribution to GDPwas still abysmally low adding that this calls for urgent transformation of thesector.<\/p>\n<p>Consequently, he disclosed that the apex bank wasworking to ensure that the sector becomes the 15 largest insurance sector inthe world in premium generation by 2020. \u201cWith FSS 2020 insurance business willchange\u201d, he assured.\u201d<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Proffering solution on how to revamp thesector,\u00a0 Muo stated that there was need\u00a0 to first and foremost\u00a0grant autonomy to the sector\u2019s regulatory body, the NAICOM adding that\u00a0the commission\u00a0 should be empowered such that it can implement and enforcecompliance of various existing insurance laws.<\/p>\n<p>Government,\u00a0he said, should live up to\u00a0 its expectation by ensuring that itsproperties\/buildings are all insured even as he advocated need forrecapitalization of insurance firms.<\/p>\n<p>Speaking on thesuccess story of the FSS 2020, Muo assured that implementation of the projecthas guaranteed reduction in insurance gap to 40 per cent in 2016 from 94 percent in 2007. \u201cSince 2008 till now, which is about eight years, we are now toldthat we have bridged that gap to about 40 percent. That is encouraging becausethere has been a lot of reforms that are taking place and these are the effectsof the FSS 2020.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The Central Bank ofNigeria (CBN) has disclosed plans of positioning the Nigerian insuranceindustry among the 15 largest in the world come\u00a0year 2020. The apex bank\u00a0said a lot of transformation was going on in the sector, as enshrined in itsFinancial System Stability 2020 (FSS 2020) aimed at revamping the sector,adding that it was working with the &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":11,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[36],"coauthors":[2392,2393],"class_list":["post-11487","post","type-post","status-publish","format-standard","","category-news","tag-cbn"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigeria to have 15th largest industry by 2020 \u2013 CBN - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigeria to have 15th largest industry by 2020 \u2013 CBN - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Central Bank ofNigeria (CBN) has disclosed plans of positioning the Nigerian insuranceindustry among the 15 largest in the world come\u00a0year 2020. The apex bank\u00a0said a lot of transformation was going on in the sector, as enshrined in itsFinancial System Stability 2020 (FSS 2020) aimed at revamping the sector,adding that it was working with the &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-03-13T13:51:53+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/\",\"name\":\"Nigeria to have 15th largest industry by 2020 \u2013 CBN - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"datePublished\":\"2017-03-13T13:51:53+00:00\",\"dateModified\":\"2017-03-13T13:51:53+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigeria to have 15th largest industry by 2020 \u2013 CBN\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigeria to have 15th largest industry by 2020 \u2013 CBN - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/nigeria-to-have-15th-largest-industry-by-2020-cbn\/","og_locale":"en_US","og_type":"article","og_title":"Nigeria to have 15th largest industry by 2020 \u2013 CBN - National Wire","og_description":"The Central Bank ofNigeria (CBN) has disclosed plans of positioning the Nigerian insuranceindustry among the 15 largest in the world come\u00a0year 2020. 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