Nigeria’s leading insurance company, Industrial and General Insurance (IGI) is to invest at least $10 million (Frw5.4 billion) to construct a hotel in Kacyiru, Kigali City.
The investment comes days after the company acquired 35 percent stake in Société Nationale des Assurances au Rwanda (Sonarwa), the country’s leading insurance company.
This is the third strategic investment in East Africa in the last three years. IGI recently acquired a license to operate as a commercial financial services provider in Uganda.
IGI is also interested in venturing into tourism, the country’s leading revenue earner. The insurance group also announced that it is studying the health and the banking sectors with intentions to invest in them.
Corneille Karekezi, the Chief Executive Officer of Sonarwa, recently said the investment in Sonarwa and Rwanda is part of IGI’s large contribution to the development of Rwanda’s economy.
Remi Olowude, the Executive Vice Chairman of IGI, said their investment interest in Rwanda was spurred by the determined, focused and disciplined economic transformation under visionary leadership of President Paul Kagame.
He said, "Government has succeeded in creating an investment climate that is one of the best in Africa. Money goes to where there is peace and stability and I have seen that in this vibrant economy."