Insurance and Technical Education in National Development – A Wakeup Call.

Abstract

Development on national basis is imperative to the sustenance and growth of a Nation. The focus of the paper is on the imperative of insurance and technical education towards national development. The methodology adopted is mainly secondary source, relevant materials were considered and opinion formed. The various development plans in Nigeria from First Development Plan (1962 – 1968) to the most recent of National Industrial Revolution Plan of 2014. Technical education as a strategy for National Development. The experience of countries such as Malaysia, South Korea, Australia and Japan among others as guide for Nigeria. Means of acquiring technical education was also explained. The challenges encountered by the provider of technical education, such peoples attitude to technical education, dearth of teachers and instructors on technical education, funding among others. The paper also took a critical look at the role of insurance in National Development. These roles includes; offering Insurance and financial protection, instilling sense of security and peace of mind, acting as stabilizing factor, acting as institutional investor, and public safety and new product development. Other roles include; enhancing financial security and peace of mind among others. It was further stated that for insurance to function effectively in this role, the government and other stakeholders have a role to play. In conclusion, suggestions for improvement to enable insurance and technical education contribute positively to national development includes Government training Institutions, Parent and Guardian, Development Partners and Employers as stakeholders who must be ready to play a proactive role to achieve a sustainable national development of our dream.