NAICOM Launches Programme to Strengthen Nigeria’s Insurance Sector

Nigeria’s National Insurance Commission has launched an Insurance Sector Strengthening Programme that it describes as a major effort to reshape the country’s insurance industry. The programme aims to make the sector more inclusive, innovative, resilient and trusted, while increasing its contribution to national development.

Commissioner for Insurance Ayo Omosehin said the initiative is built around six pillars: advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and development of micro, small and medium-sized enterprises and value chains.

He said the focus on public understanding was particularly important because insurance uptake depends on trust and knowledge. “No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management,” Omosehin said. He added that targeted campaigns, stakeholder education and new communication methods would help strengthen insurance culture and financial literacy among Nigerians.

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No insurance market can flourish where consumers do not appreciate insurance as a practical tool for financial protection and risk management.

The programme also includes training and professional development. Omosehin said technological change and shifting customer expectations require insurance professionals to keep developing their skills. The proposed initiatives are intended to improve technical expertise, professionalism and performance across the insurance value chain.

Omosehin highlighted the programme’s focus on women and young people, saying both groups remain underrepresented or underserved in many sectors. He said tailored products, new forms of engagement and career opportunities could bring them further into the insurance market. He also pointed to MSMEs, which he said drive employment, innovation and productivity but often lack adequate risk protection. Expanding insurance access for those businesses, he said, could support resilience, economic stability and long-term growth.

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I am also pleased that the programme prioritises gender inclusion and youth participation.