The federal government is to raise about 480 billion dollars from non oil revenue sources including the insurance sector as part of measures to cushion effect of oil prices drop across the globe.

Minister of finance, Ngozi Okonjo Iweala made the disclosure at the 2014 national insurance summit held in Abuja Monday.

The minister noted that panic is not a strategy to solving the current economic challenge and urged Nigerians not to politicize the situation.

Dr. Iweala advocated for policies to resolve the problem and allow for private sector participation instead of politicizing the situation.

She maintained that the insurance industry if well harnessed is capable of creating between 30 thousand to 100 thousand jobs in 3years.

The minister however called for the strengthening and enforcement of compulsory insurance for better performance of the industry.

While the minister of state for finance Bashir Yuguda, assured of provision of conducive environment to boost insurance in the country, the commissioner for insurance, Fola Daniels believe the summit is expected to come up with workable transformation program for the industry to enhance its contribution to the nation's economy.

The theme of the summit is transforming the Nigerian insurance sector; a three year agenda.