Stakeholders in the insurance industry and the telecommunication sector have all reiterated the importance of digitalisation in achievement business and economic growth across all sectors of the economy.
They argued that technology is the way to go in deepening penetration particularly in insurance and other financial services sector of the economy.
The stakeholders who interacted at the Business Journal 2nd Annual Lecture and Awards themed “Digital Nigeria: The Path to Sustainable Economic Growth,” emphasised that a robust and sophisticated Information and Communication Technology (ICT) structure would significantly spike growth across the sectors.
Tope Smart, chairman of the Nigerian Insurers Association(NIA) who was the chairman of the event called on government to make digitalization of the country part of the national strategy.
Smart who is also the managing director/CEO of NEM Insurance Plc said “When we talk about insurance, banking, agriculture, and environment including other sectors and even governance and issues around some of these things, we need a very robust and sophisticated ICT structure, which unfortunately Nigeria is yet to adopt.”
“I think digitalization of Nigeria should be something that should form part of the national strategy if we truly want to move forward as a nation. Passionate effort should be made to see ICT as something very fundamental that Nigeria needs in order to make progress in our economic growth.
“This is because the impact of ICT changes everything including the way we live, the way we run our businesses, the way we work even the way we govern. Other benefits are that it ensures transparency by eliminating what we call black economy because when you are connected online, you can see what people are doing. It helps people to pursue their entrepreneurial aims because it brings out ingenuity in people. It creates jobs that provide means of livelihood for the citizenry.
“Digitalization of our operational processes is something that everybody should embrace; it’s something that should be encouraged; it’s something that should form part of the national strategy in order for us to be able to develop our economy. Government at all levels should key into it so that we can grow our economy for the good of all Nigerians.
In her contribution, Tola Adegbayi, executive director, General Business at Leadway Assurance Company Limited who spoke as guest speaker, stressed the importance of a digital economy and the roles of insurance which she said is to provide the necessary fundamentals by taking care of the risk aspect.
“As Insurers, we are not just sitting down. We may not be as the bank but in terms of fundamental, we are rugged to provide that fundamentals.
“When you talk about digitalization, how do we come in as insurers? We need every development but nobody really talks about the negative side of it as well. As we develop, crime advances. When crime advances, it challenges development because crime is a necessary part of the society. It does not stop. It will not stop,” Adegbayi said.
She said insurance is at the forefront of understanding the technology so that they can help those who want to take risk in terms of digitalization to continue to take that risk.
Adegbayi posited that cyber crimes are some of the challenges associated with digitalization and that the industry is aware and are working out necessary solutions, adding that “As insurers, we stand in the very beginning and the end of it all to provide security.”
Earlier in his key note address, Umar Danbatta, executive vice chairman, Nigerian Communications Commission (NCC), who was represented at the occasion by Henry Nkemadu, director, Public Affairs, said the commission will continue to provide enabling environment to support public-private investments in the telecommunication sector in order to enhance sustainable economic growth.
He said the Commission will continue to promote and facilitate creation or e-products across Nigeria in order to drive national economic growth.
In his welcome address, Prince Cookey, managing director Business Journal said this year’s theme: “Digital Nigeria: The Path to Sustainable Economic Growth” which is focused on digital disruption in terms of opportunities and challenges presents opportunity to provide solution that will enable business.
He said the Business Journal Annual Lecture Series is a platform to examine and discuss emerging issues in the Nigerian Economy and generate workable solutions going forward, by bringing stakeholders across sectors together to review the state-of-affairs in the economy through robust conversation to examine the roadmap on how Nigeria could reap bountifully from the digital transformation era for sustainable economic growth.
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