EFFECT OF INSURANCE SECTOR REFORMS ON POVERTY REDUCTION IN NIGERIA

Uchechukwu Daniel Abada, Camillus Nwachukwu Okuma

Abstract


This study examined the effect of Insurance sector reforms on poverty reduction in Nigeria.  To be specific, the study appraised the effect of Insurance industry investments in financial assets on per Capita income in Nigeria. The study covered a period of 12 years i.e. 2004-2015. The data for the study were sourced from Central Bank of Nigeria Statistical bulletin and National Bureau of Statistics yearbooks, Nigerian Insurers Association publications among others. The application of descriptive statistics and regression analysis were considered suitable for the study. The findings of the sturdy revealed that the insurance industry investment in financial assets has negative and significant impact on poverty Reduction in Nigeria. It is therefore recommended that the compulsory insurance stipulated by the Insurance Act should be properly marketed and publicized as it will lead to generation of funds for economic development which will in turn lead to poverty reduction within the economy.

Keywords


Reforms, Insurance sector and poverty reduction

Full Text:

PDF

References


BAZOT, G. (2015) Measuring and Explaining the Evolution of Financial Efficiency” IPP

Report (INstitut des politiqus (publiques) No. 8 – March 2015.

Becker, G (1994) Human Capital: A theoretical and Empirical Analysis with special reference to Education. The University of Chicago press.

Mincer, j. (1993) Studies in Human capital and personal income distribution” Edward Elgar publishing, 1993.

Monogbe, T.G (2015) Impact of Insurance Sector Development on The Growth of Nigerian Economy. International Journal of Advanced Academic Research – Social Sciences and Education. 1. 2, 2015. www.ijaar.org.

Oke, M.O (2012) Insurance Sector Development and Economic Growth in Nigeria. African Journal of Business Management, 6(23), 7016 – 7023. 13 June, 2012.

Onuoha, R. (2012) The Crippling Effect Of Poverty On The Insurance Sector. Vanguard Newspapers, May 21, 2012. Retrieved, 18 October, 2017.

Oyegoke G. (2007) Financial sector Reforms”. Journal of Professional Administration; 8, 1: April 2007 7-13).

Ozuomba, C.V (2013) Impact Of Insurance On Economic Growth In Nigeria. International Journal Of Business And Management Invention. www.ijbmi.org. 2, 10 October, 2013. 19 – 31.


Refbacks

  • There are currently no refbacks.