The Nigerian Council of Registered Insurance Brokers (NCRIB) has encouraged traders at the Balogun Business Association (BBA) and the Auto Spare Parts & Machinery Dealers Association (ASPAMDA) Market in Lagos to adopt insurance as a critical safeguard for their businesses. The call was made during the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign, where industry experts emphasized the importance of financial protection against unforeseen losses.
Speaking at the event, the President of NCRIB, Prince Babatunde Oguntade, stressed the need for traders to recognize insurance as more than just an expense but a strategic tool for business security and wealth creation. He assured the market leaders of the Council’s commitment to working with them in designing customized insurance products that cater specifically to their business needs. He also emphasized that insurance guarantees financial compensation for specific losses, ensuring that traders can recover and rebuild quickly when unexpected events occur.
Oguntade explained that in today’s volatile business environment, traders face numerous risks, including fire outbreaks, theft, natural disasters, and other financial disruptions. Without adequate insurance coverage, such incidents could lead to devastating financial losses. He urged traders to take advantage of available insurance policies to protect their livelihoods and secure their businesses for long-term growth.
Also speaking at the event, the Controller Technical of the Nigerian Insurers Association (NIA), Soji Oni, provided further insights into risk management for traders. He highlighted that insurance is one of the most effective tools for managing business risks, offering a safety net that allows traders to operate with confidence despite uncertainties.
“For traders, the right insurance coverage, combined with risk management strategies, is essential for sustaining business success. By securing appropriate policies, market operators can ensure they are prepared for unexpected occurrences that could otherwise result in significant financial setbacks,” Oni explained.
The campaign, aimed at raising awareness about the role of insurance in economic stability, aligns with broader efforts to increase financial literacy and consumer protection in Nigeria’s business sector. NCRIB, in collaboration with key industry stakeholders, continues to push for greater adoption of insurance, particularly among small and medium-sized enterprises (SMEs) that are often vulnerable to market fluctuations and risks.
By embracing insurance, traders in Balogun and ASPAMDA Markets can safeguard their assets, ensure business continuity, and contribute to a more resilient commercial environment. The NCRIB leadership reaffirmed its dedication to providing advisory support and ensuring that traders access the best coverage at competitive rates.
As Nigeria’s economy continues to evolve, industry experts emphasize that insurance should be seen as a necessity rather than an option. The ongoing campaign aims to bridge the knowledge gap, making insurance more accessible and relevant to businesses across different sectors.