Nigeria’s government revealed in a tweet on Monday that President Muhammadu Buhari had signed the instrument of accession agreement for the establishment of the African Trade Insurance Agency. This followed an order from the Federal Executive Council that an instrument is prepared and forwarded for execution.
The insurance agency was launched in 2001 to provide risk solutions for investors and has grown to become a market leader for risk mitigation in Africa. Nigeria joining is expected to provide the country with necessary insurance financing to increase investment inflows.
ATI, which also attracts funding from the African Development Bank and World Bank, added credit insurance to its portfolio in 2006 after members identified global trade as a major pillar of growth in the continent.
