The Federal Government has decried the low level of insurance penetration in Africa and the poor contribution of the sector to the economy of most African economies.

The Minister of Finance, Budget and National Planning, Zainab Ahmed, said this at the 2023 West African Insurance Companies Association Education Conference in Lagos.

Speaking on the theme repositioning the insurance industry in West Africa for competitiveness, Ahmed called for the promotion of a stable insurance market in the West African sub region.