The modern insurance business was introduced into Nigeria by?

A. American merchants
B. British merchants
C. French merchants
D. Portuguese merchants

Correct Answer: Option B

B. British merchants

Explanation

History of Insurance in Nigeria. This form of social insurance is still in existence in Nigeria among community groups. In the 20th century, British merchants introduced modern commercial insurance into West Africa. In 1921, the Royal Exchange Insurance established the first insurance company with a branch in Lagos.