Microinsurance, Micro investments and Sustainable Development in Nigeria

This article attempted to examine the relevance of microinsurance, in promoting micro investments and sustainable development in Nigeria. Specifically, this work sought to assess the nature, characteristics and operations of microinsurance and to establish the link between these elements and the growth of micro investments as well as the variables of sustainable development, such as poverty level in the country. The experimental, pilot and replicative research designs were used. Secondary data sourced from the publications of the National Insurance Commission of Nigeria, reports from Delta State Ministry of Poverty Alleviation, journals, text books and periodicals, among others were analysed qualitatively and descriptively. It was discovered that microinsurance has high potency in promoting micro investments or micro projects in the country based on the experience in Delta State where a lot of micro entrepreneurs, mainly the beneficiaries of the state microcredit scheme and Youth Empowerment Programmes, have been compensated through microinsurance scheme. This has promoted micro entrepreneurship, business growth, stability and continuity leading to poverty alleviation in the State. To this end, it was recommended that other states and relevant agencies should adopt the microinsurance scheme as experimented in Delta State. This is one of strategies for effective financial inclusion required for sustainable development as obtained in other countries of the world.