The President, Major General Muhammadu Buhari (retd.)  has signed the instrument to establish the African Insurance Agency.

The President  Special Adviser on Media and Publicity, Femi Adesina, disclosed this in a statement on Monday.

According to the statement, “The Agreement and the Agency are registered with the Secretariat of the United Nations in accordance with Charter of the United Nations and is incognizant of the truth that lack of satisfactory political, non-business and business threat insurance coverage is a big obstacle to the supply of finance for investments in Africa and the growth of African international commerce and intra-Africa commerce.

“The Agency when executed will acknowledge earlier multilateral efforts made by the African States in the direction of regional financial integration via co-operation in commerce liberalization and growth in order to attain sustainable development, promote financial exercise, and create an enabling setting for international commerce, in addition to cross-border and home investments.

“Recalling the financial aims and goals of the African Union, there are a number of African Treaties on regional financial integration, together with the Treaty Establishing the Common Market for Eastern and Southern Africa, the Treaty Establishing the Southern African Development Community and the Treaty Establishing the Economic Community of West African States.

“A memorandum from the Attorney-General of the Federation and Minister of Justice, Abubakar Malami, said that the request for the President’s signature on the settlement was a sequel to the directive of the Federal Executive Council, that the instrument is ready and forwarded for execution.

“The ratification was adopted at Grand Bay within the Republic of Mauritius on May 18, 2000.

“The object and function of the Agency are to present, facilitate, encourage and in any other case develop the availability of, or the help for, insurance coverage, together with coinsurance and reinsurance, ensures, and different monetary devices and providers, for functions of commerce, funding and different productive actions in the African States in complement to these which may be provided by the general public or non-public sector, or in cooperation with the general public or non-public sector.