Igbiti Advocates For SMEs To Embrace Insurance Solutions

By LOVETH AZODO, Lagos

President of the Chartered Insurance Institute of Nigeria, Mr. Edwin Igbiti has urged small and medium-sized enterprises (SMEs) to prioritize risk mitigation through insurance solutions.

Egbiti, made the call during his address at the Nigeria National SME Business Awards (NNSBA) 2024, Thursday in Lagos.

Acknowledging the pivotal role SMEs play in driving economic growth and fostering innovation, Igbiti commended the dedication and ingenuity of entrepreneurs nominated for awards.

He emphasized their resilience in the face of challenges, highlighting the importance of SMEs in promoting social development and creating employment opportunities.

Despite celebrating SME achievements, he acknowledged the obstacles they face, including limited access to finance, regulatory hurdles, and market competition.
However, he expressed confidence in SMEs’ ability to overcome these challenges with resilience, creativity, and strategic planning.

The President of the Institute stressed the crucial role insurance plays in safeguarding businesses against unforeseen events. He pledged the Chartered Insurance Institute’s commitment to partnering with SMEs, offering tailored insurance solutions to empower them in mitigating risks effectively.

Also, He called for continued support to create a conducive environment for SMEs to thrive, emphasizing the celebration of success, resilience, and the entrepreneurial spirit that defines the nation.