Abuja: The National Insurance Commission (NAICOM) has unveiled the Insurance Sector Strengthening Programme (ISSP) to advance insurance penetration, financial inclusion and innovation within Nigeria’s insurance ecosystem.
According to News Agency of Nigeria, the Commissioner for Insurance, Mr. Olusegun Omosehin, during the unveiling in Abuja, highlighted that the programme offers a framework for advancing the growth and stability of the Nigerian insurance sector. Omosehin emphasized that the programme focuses on capacity building, gender inclusion, youth engagement, and Micro, Small, and Medium Enterprises (MSME) and value-chain development.
He noted that the ISSP places significant emphasis on awareness and education, linking the insurance market directly to public understanding and trust. Omosehin pointed out that a flourishing insurance market relies on consumers appreciating insurance as a practical tool for financial protection and risk management. He stressed the importance of capacity building and t
he need for insurance professionals to develop skills and competencies required for excellent service delivery.
The programme aims to strengthen technical expertise, improve professionalism, and enhance performance across the insurance value chain. Omosehin called for stronger collaboration among government, regulators, insurers, and development partners to deepen insurance penetration in Nigeria.
Sen. Mukhail Abiru, Chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, represented by Mr. Victor Inedu, underscored the programme’s critical role in Nigeria’s economic transformation. He commended NAICOM’s recapitalisation exercise and other reforms aimed at creating stronger and globally competitive insurance institutions. Abiru highlighted that effective implementation, stronger governance, consumer protection, innovation, and public trust are necessary for the sector’s transformation.
Mrs. Ebelechukwu Nwachukwu, Chairman of the Nigerian Insurance Association (NIA), represe
nted by Mrs. Bola Odukale, described the ISSP’s target to increase insurance penetration from about five per cent to 10 per cent of GDP by 2030 as ambitious but achievable. She emphasized that increasing insurance penetration should be viewed as expanding financial protection rather than merely growing premium income.
Dr. Kola Adesina, Group Managing Director of Sahara Power Group, warned that the industry would underperform if it relied solely on compulsory insurance and legislation to drive growth. He urged insurers to develop products that resonate with the youthful population’s aspirations and realities.
Mrs. Funmike Sojinuga, Trade Commissioner for Global Affairs Canada in Nigeria, expressed interest in deepening cooperation with Nigeria’s insurance sector, stressing the importance of a strong insurance industry for investment, economic stability, and development. She highlighted opportunities for cooperation in insurance, regulatory development, and innovation between Nigeria and Canada.
The discussi
ons with stakeholders in Canada’s insurance sector aim to provide a platform for collaboration and knowledge sharing, with the ultimate impact expected to extend beyond increased premiums to attract investment and promote shared prosperity.