The Abuja Chamber of Commerce and Industry, through its National Policy Advocacy Centre, has partnered with the National Insurance Commission and key industry stakeholders to encourage small and medium enterprises in Nigeria to embrace insurance.
This was revealed on Tuesday during a high-level webinar titled ‘Can SMEs Still Afford the Risk of Not Insuring Their Businesses?’ In his opening remarks, ACCI Director-General Agabaidu Jideani emphasised the vulnerability of SMEs to risks such as natural disasters and financial crises.
“Businesses, irrespective of their size, are exposed to a myriad of risks, including natural disasters, financial crises, and other unforeseen challenges. Such disruptions can severely impact business operations and, in extreme cases, threaten their very survival,” he said.
Jideani noted that many SMEs in Nigeria fail to consider insurance a fundamental risk management strategy, leaving them highly vulnerable to economic shocks.
Insurance provides a safety net for SMEs, shielding them from risks that could result in loss of assets and income.
