Africa's Insurance Industry must be Revamped to Support Trade and Investments under the African Continental Free Trade Area (AfCFTA)

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Like everyone else around the world, I have watched what is going on in South Africa... Just a few weeks ago, I had shared that Durban was selected to host the rest of Africa under the AfCFTA - Intra-African trade Fair. You can only imagine what types of conversations are now ongoing. The question is who would want to travel there at this time? No one....
"The cost of insecurity is too high for Africa and it will continue to negatively impact ability to grow trade and investments" Toyin Umesiri
Just 2 years ago I was interviewed by the News Agency of Nigeria (NNN) - during the coverage of the Xenophobic attacks that Nigerians had faced in South Africa in 2019. The headline of my interview feature was: Xenophobic attacks: threat to AfCFTA — Expert You can read it here: https://nnn.ng/xenophobic-attacks-threat-to-afcfta-expert/

In the past few days I have had to privately engage with foreign entity whose company and investment in South Africa were seriously impacted. Safety of People, Investments and livelihood must become a top priority under the AfCFTA and Africa's Insurance Industry must mature to support this space going forward.

As example - Here in the U.S. if an Exporter purchased Export Insurance they are guaranteed 95% of the invoice value should the deal go bad. This is put in place to encourage U.S. Exports and "derisk" it. At this moment as far as I am aware - in Africa you export and expand your business operations at your own risk. Under the AfCFTA various insurance schemes must be developed and host government be held accountable for future safely issues.

How I wish I could tell you that this would not happen again - unfortunately it will however I look forward to seeing the Insurance Industry's leadership step forward to "insure" lives, investments and livelihoods under the African Continental Free Trade Agreement (AfCFTA)


--- Toyin Umesiri is CEO of Nazaru LLC. and leads the Trade with Africa® Network; a fast growing community of Trade experts, Government officials, Policy makers, Investors, Exporters, Service providers, Diaspora leaders and Innovators growing Trade with Africa®. Email Nazaru at info@nazaru.com For more information about Nazaru LLC. visit www.nazaru.com

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