Recapitalization in the Insurance Industry: Proposed Problems and Prospect

Description

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Abstract

Performance of an economy determines the position of the particular nation in the world. The better the performance of an economy and the large economic resources it holds, the higher the level of influence of such country in the entire world.

There are many sectors of human endeavor that form the economic chain of a nation. Among these human activities or commercial activities are oil and gas, manufacturing and construction, education, Banking, Insurance etc.

Among these activities, insurance sectors of the economy were examined in order to be refining tune. Insurance sector of the Nigeria economy has witnessed doldrums for the past three decades.

Recapitalization of insurance sector of the economy was ventured into to determine whether such a process can be one of the sound instrument to refine tune the Nigeria economy.

A lot has been gained from the recapitalization process of insurance sector and the process has resulted into a success.

Introduction

The years of British colonial rule in Nigeria so much transformed her pre-colonial culture that, by the time Nigeria gained independence in 1960, a great deal of the British educational system, British moral values, and the English Language had already become nationally accepted and entrenched in virtually every aspect of Nigeria’s national psyche.

According to Mahdi Adamu in Clark, E, and Jegede, D. (1992:24): By virtue of the colonial experience, the English Language became our official language through which pre-primary, primary, and post-primary education is taught in this country.

Official actions and utterances in this country have shown that to be formally literate, one needs to learn to read and write in the English language.

In the field of political culture also, the similarities are clear and distinct. It was the British type of parliamentary democracy that Nigeria’s first democratic experience was fashioned after from 1960 – 1966 until 1979 when Nigeria embraced the American political system.

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