Lagos: Nike Popoola, Publisher of Daily Economy, has chronicled the transformation of Nigeria’s insurance industry over the past 20 years in a newly unveiled book. The book, titled ‘Trends in Nigeria’s Insurance Industry (2005 to 2025) and Selected Insurance Icons’, was unveiled in Lagos in an event, which also commemorated the second anniversary of Daily Economy.
According to News Agency of Nigeria, Popoola said the book was inspired by her experience covering the insurance industry between 2005 and 2025, as well as the lessons learned during that period. She mentioned that the publication documented the industry’s journey from a period marked by low public confidence, weak penetration, and a fragile capital base to a more structured and resilient sector.
She highlighted that key reforms, recapitalisation exercises, and regulatory restructuring have driven the transformation of the industry over the years. In particular, the post-2007 recapitalisation strengthened operators’ financial capacity, while subsequent policy reforms enhanced policyholders’ protection and improved the sector’s contribution to the nation’s economy.
The author emphasized that beyond policies, the publication recognized individuals who played key roles in shaping the industry. ‘The industry has evolved into a more innovative and forward-looking sector that plays a significant role in economic growth,’ she said. The book also highlights the role of innovation, including the introduction of micro-insurance guidelines, digital platforms, and new distribution channels that have expanded access to insurance services.
Popoola described the book as both a historical record and a resource for stakeholders, including policymakers, scholars, and students seeking deeper insights into Nigeria’s insurance landscape. She stated that the publication features photographic documentation of key events, offering a visual account of the industry’s evolution.
According to her, the book reflects Daily Economy’s commitment to promoting financial literacy, preserving institutional memory, and supporting knowledge development within the insurance ecosystem. Popoola urged stakeholders to sustain reforms and collaboration to ensure continued growth and inclusiveness in the insurance sector. She dedicated the book to insurance professionals and future leaders, expressing hope that it would serve as a guide for building a stronger and more impactful industry.
Tope Adaramola, the Executive Secretary of the Nigerian Council of Registered Insurance Brokers, who was the book’s reviewer, explained that the publication was divided into two major sections. The first section examined regulatory reforms, particularly those driven by the National Insurance Commission (NAICOM), and how they shaped the industry’s trajectory. ‘It also reviews operators’ responses to policies such as recapitalisation and other regulatory interventions,’ he said.
The reviewer further noted that the author addressed emerging trends such as risk-based capital requirements and the impact of the COVID-19 pandemic, while documenting landmark events and industry milestones. Adaramola described the work as both analytical and human-centred, combining data-driven insights with profiles of notable industry figures across generations. He recommended the book as an essential companion for anyone interested in the development of Nigeria’s insurance industry.
Mr Olusegun Omosehin, Chief Executive Officer of NAICOM, represented by Mr AbdulRasaaq Salami, Head of Human Resources Department at NAICOM, remarked: ‘This book is not merely a chronicle of events; it is a strategic documentation of transformation, leadership, resilience, and institutional evolution.’
The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, congratulated the author, describing her as an outstanding journalist who had consistently projected the Nigerian insurance industry positively on the global stage. Similarly, the President of NCRIB, Mrs Ekeoma Ezeibe, expressed pride in Popoola’s achievement and urged her to continue promoting the industry.
Dr Feyisayo Soyewo, Chairman of the occasion and Chairman of Prestige Insurance Brokers Ltd., emphasized the need for the book to be widely utilised. He encouraged the author to remain diligent and ensure that subsequent editions are equally rich, with more detailed insights into the industry.