Insurance Industry: Contribution to GDP Rises by 40%

The contribution of the insurance industry to Nigeria’s Gross Domestic Product (GDP) has risen by 40% over the last two years; going up from 0.5% in 2010 to 0.7% in 2012.

The Managing Director of Leverage Insurance Brokers Limited, Hon. Lanre Laoshe, revealed this in a presentation titled ‘A Brief on the Nigerian Insurance Market’, showcasing the industry at an investors’ forum in Lagos recently, he said the Nigerian insurance industry has continued to grow with the number of policyholders rising from 0.5 million in 2010 to 1.5 million by the end of last year.

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The Small and Medium Enterprises (SMEs) are known globally to be the engines of economic growth and the main contributors to employment generation and wealth creation.

The SMEs in Nigeria currently contribute nearly half of the nation’s gross domestic product (GDP) and account for over 25% of employment in the country. Recent data provided by SMEDAN (the Small and Medium Enterprises Development Agency of Nigeria) puts the number of Micro, Small and Medium Enterprises (MSMEs) in Nigeria at 17.29 million; with the MSMEs providing employment for 32.42 million people.