Abuja — Commissioner for Insurance of the National Insurance Commission (NAICOM) Mr. Fola Daniel has said the commission is putting up a medium term plan in the Nigeria insurance industry which will generate employment for 250, 000 Nigerians by 2012.

Daniel said this yesterday in Abuja at the launch of "the Nigeria Insurance Market Development and Restructuring Initiatives (MDRI)" by NAICOM. The project launch was attended by chief executives of Insurance firms in the country. He said when fully implemented, the Nigeria insurance industry will change for the better. He noted that "between 1987 and 2004, 16 insurance products were made compulsory in Nigeria but six are very prominent and capable of generating 55% of the insurance industry premium income but because products were not designed, no action was taken.