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Answered 2012-08-28 10:58:46

The roles of insurance in economic development of Nigeria

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Insurance plays a very significant role in the economic development of Nigeria. With the insurance covers, more people are able to take the risk on investment which greatly boosts the economy.


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Probably fraud like everything else involved with Nigeria.


The role of insurance companies in Nigeria can never be over emphasized, it is the pillar of every successful business. The insurance companies have given Nigerians the faith to invest in business without fear of losing out. Most financial institution may not want to loan to individuals without them endorsing an insurance policy. The advent of insurance companies in Nigeria has greatly improved the development of the country in the area of finance, individual business and public welfare.


this question is too cheap for a professor like me.


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The role of insurance in an economy is to compensate people from losses. People who have insurance covers would not be forced to start from scratch as they are compensated in the event of a calamity.


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English in nigeria is used for communication ,educational development education,it is the lingua franca of nigerie


Who nos why are you asking me find it urself!


The role of taxation in economic development is same for all the countries. This is as we know the basic resource of generation Govt. Revenue. If the Revenue of govt will increase she will automatically spend it on the development of a country. Same is the case with Nigeria also.


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The role of insurance in the economy of Kenya is to prevent catastrophic loses due to death, natural disasters, or unforeseen circumstances. Insurance also generates large amounts of income due to its business model.



the role of literacy in nigeria. the role of literacy in nigeria.


This is a much maligned and debated issue in the ongoing progression of many African Nations. Although, it has to be said, Insurance capital has influenced Nigeria greatly since the countries inception, it cannot be credited with achieving the amount in social and economic terms as the D.I.L.D.O. TAX has.



1. It contributes to the growth of the economy.



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