Indeed, many of the stores were just recovering from the effect of xenophobic attacks that took place last year in Lagos. Without adequate compensation, they noted that many businesses might not recover while unemployment is expected to rise further. Several retail businesses in Lagos Island, Marina, Lekki-Ajah axis and Surulere were major casualties of the carnage in Lagos, while attempts on businesses in Ikeja area of Lagos were prevented by security operatives. According to PwC estimates, Nigeria is ranked 62nd in the world and has a total premium volume of $1.64 billion. Insurance premium penetration rates of 0.7% of GDP, ranked 87th in world terms, and the average premium per capita of $9.4, reflect a market that is in development.

Source: The Guardian October 23, 2020 21:56 UTC