The commissioner for finance, Mr. Linus Nkan has stressed the need for indigenous industries to be patronage to boost domestic productions that would further stimulate the growth of the local economy.
Mr. Nkan bared his mind while interacting with the management team of Anchor Insurance Company Limited led by the managing director, Mr. Mayowa Adeduno, who called on him as his office in Uyo, recently.
He said to unlock the limitless economic potentials of the state; it was expedient to look inwards by placing high premium on domestic goods and services through effective patronage of local industries, noting that “it will make the firms to be more viable, thereby generating wealth and more job opportunities.”
The commissioner lauded the management of Anchor Insurance Company for their result-oriented drive which he said, has phenomenally turned around the fortunes of the firm, contributing meaningfully to the state’s economy.
Nkan, who flanked by the director, ministry of finance incorporated, very Rev. Otuekong Ukut, and other top officials of the ministry, enjoined the management of the insurance firm to be dynamic in marketing products that align with Akwa Ibom environment to attract public buy-in
While assuring that as a state-owned insurance firm, government on its part would not renege in its support to make the firm improve its financial and operational efficiency, the finance boss used the medium to call on the public to carry out their insurance transactions with Anchor Insurance Company.
The managing director and chief executive officer of the company, Adeduro, thanked the government of Akwa Ibom State for the opportunity given them to serve in those capacities, adding that the interface will strengthen the existing harmonious relationship and also serve as a feed back mechanism. Adeduro state that they were able to make remarkable strides due to their avowed commitment and determination to make the firm compete favourably in the insurance industry in the country.
He further stated that with the effective application of insurance best practices, product innovations, and modern technology in their operations, the firm is well-positioned to capture the large chunk of the insurance market in Nigeria, calling for more support of Akwa Ibom government through the increase in the state’s share capital in order to increase the company’s capital base.