The Role Of Insurance In The Development Of Steel Industries In Nigeria

The Role Of Insurance In The Development Of Steel Industries In Nigeria

Chapter One

Preface

Appreciation of the content to be bandied won’t be completely attained if a brief literal review of the sword assiduity isn’t given.

In the history, developing countries, Nigeria inclusive didn’t have a balance of frugality and they urgently demanded to be saved from their under development trap. This they realized couldn’t be achieved until they developed their own iron and sword diligence, the bedrock of any frugality. This recognition let Nigeria to develop its sword assiduity through this didn’t come into being until after the attainment of its independence.

In 1978, thus, accommodations between Nigeria and foreign mates gave rise to the Delta sword company, Ajaokuta sword design and the three inland rolling manufactories at Osogbo, Katsina andJos.

therefore, during the last 30 times, the civil government has been laboriously involved in the development of feasible sword assiduity for Nigeria.

The Ajaokuta sword company Ltd, is an intertwined blast finance patron of bars, shapes and medium structural. The present aggregate in the company is in excess of N6 billionpre-sfem and surely further if acclimated to reflect current relief cost.

Any design with such a huge sum of plutocrat invested in it, which serves as the bedrock of a nation’s frugality is bound to pose a great concern and in an trouble to give protection, insurance is the stylish result to it. Insurance is a business designed to absorb the threat of others, and flashing back that threat is essential I the product of sword, the sword assiduity, thus, understands what threat is and appreciates the bumper handed by the insurance

The portifolio of insurance assiduity is made up of the following programs fire, theft, burglary, ministry breakdown, group particular accident insurance to mention but a many.

With the vittles of these colorful covers each of the sword companies established is free to take up any of the insurance covers that stylish fits the threat faced. This security handed by the insurance assiduity goes along way to prop the profitable development of the sword diligence.

Statement Of Problems

The circumstances of accident in the steeling Rolling manufactories are the major problem in the sword rolling company. It’s a abecedarian knowledge that accidents don’t just be, they’re caused by mortal failings as well as error of judgment. About 95 of the accidents are caused by mortal failures and miscalculations while 5 could be traced to specialized fault, disasters and other causes some of which are frequently regarded as act of God.