Citizens’ poor access to credit is limiting their capacity to take insurance policies, thereby stalling penetration in Nigeria. In other parts of the world where citizens have access to cheap credit to acquire assets, insurance penetration is high as they have to insure the investments such as buildings, land and vehicles. In Nigeria, access to credit has been sluggish, stalling at between two and three percent over a 10-year period (2010-2020), and far below the federal government’s 40 percent target by 2020, according to EFInA report.
Citizens’ poor access to credit is limiting their capacity to take insurance policies, thereby stalling penetration in Nigeria. In other parts of the world where citizens have access to cheap credit to acquire assets, insurance penetration is high as they have to insure the investments such as buildings, land and vehicles. In Nigeria, access to credit has been sluggish, stalling at between two and three percent over a 10-year period (2010-2020), and far below the federal government’s 40 percent target by 2020, according to EFInA report.