The National Insurance Commission (NAICOM), under the leadership of the Commissioner for Insurance and Chief Executive Officer, has pledged full support for the development of factoring in Nigeria. This commitment was made during a recent meeting with the Nigerian Factoring Working Group at the NAICOM office in Abuja.
The delegation from the Working Group, led by Hope Yogo, included representatives from key institutions such as NEXIM Bank, the Central Bank of Nigeria (CBN), GIZ, and AfreximBank. During the meeting, Yogo congratulated the new NAICOM management on their appointments and expressed confidence in their ability to fulfill their mandate effectively.
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The Nigerian Factoring Working Group aims to establish a conducive legal and regulatory infrastructure for the factoring industry in Nigeria. This initiative is expected to transform into a formal association in the near future, driving the growth and development of factoring services across the country.
Yogo emphasized the critical role that insurance plays in the factoring industry and sought collaboration and partnership with NAICOM and insurance companies. This partnership is expected to engage all stakeholders in the value chain, further enhancing the factoring industry in Nigeria.
NAICOM’s support is seen as a significant boost to the development of the factoring industry, which is expected to contribute to the broader economic growth of the country. By providing a robust legal and regulatory framework, NAICOM will help ensure that factoring becomes a key financial tool for businesses, facilitating trade and economic activities.
The collaboration between NAICOM, the Nigerian Factoring Working Group, and other stakeholders is poised to create a more vibrant and secure environment for factoring in Nigeria. This development is anticipated to have far-reaching positive effects on the nation’s economy, particularly in terms of trade financing and business growth.
As the factoring industry continues to evolve, the involvement of NAICOM is crucial in ensuring that all necessary safeguards and standards are in place to protect businesses and promote sustainable economic development.
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