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.
The Commissioner for Insurance, Mr. Olusegun Omosehin, speaking during the launch on Thursday in Abuja, said the programme offers a strategic framework to accelerate growth and ensure stability across the domestic insurance landscape.
Omosehin noted that the initiative prioritises capacity building, gender inclusion, youth engagement, and the development of Micro, Small, and Medium Enterprises (MSMEs) alongside sectoral value chains.
He placed emphasis on public awareness and financial education, observing that the expansion of the insurance market is directly tied to consumer literacy and institutional trust.
According to him, no insurance market can flourish when consumers do not appreciate insurance as a practical mechanism for financial protection and risk management.
He maintained that the industry’s long-term competitiveness rests heavily on the quality of its human capital, urging professionals to continually upgrade their skills as digital technologies evolve and customer demands shift.
Omosehin observed that the proposed training and professional development initiatives will reinforce technical expertise, enhance professionalism, and boost performance across the insurance value chain.
He stressed that sustainable sector growth cannot occur while large segments of society remain marginalised, pointing out that women represent a formidable economic force and young people embody the industry’s future.
He called for tighter synergy among government authorities, regulators, underwriters, and development partners to deepen market penetration nationwide.
Aligning with this view, the Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, described the programme as pivotal to Nigeria’s broader economic transformation. Abiru, represented by his Senior Legislative Aide, Mr. Victor Inedu, noted that a resilient insurance industry is indispensable for safeguarding lives, protecting commercial assets, and stimulating private investment.
He remarked that Nigeria’s market remains significantly underdeveloped, leaving millions of citizens and businesses unprotected or underinsured.
While commending NAICOM’s recapitalisation drive and accompanying institutional reforms, Abiru asserted that legislation alone will not overhaul the market.
He argued that rigorous regulatory enforcement, robust corporate governance, consumer protection frameworks, and digital innovation are equally critical to winning public confidence and migrating insurance from the periphery into the mainstream of Nigeria’s economy.
Contributing to the discourse, the Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu Nwachukwu, represented by the Director-General of the association, Mrs. Bola Odukale, disclosed that the ISSP aims to elevate national insurance penetration from approximately 0.5 percent to 10 percent of Gross Domestic Product by 2030.
Describing the target as ambitious yet attainable through deliberate industry alignment and innovation, she stated that deepening penetration should not be measured solely by premium volume, but by the tangible expansion of financial safety nets for citizens.
She pledged the association’s commitment to mobilising its corporate members, deploying industry data, and backing initiatives designed to restore consumer trust and expand access to affordable policies.
Delivering the keynote address, the Group Managing Director of Sahara Power Group, Dr. Kola Adesina, cautioned that the underwriting sector will continue to underperform if it relies predominantly on compulsory statutory policies and legislative mandates to drive commercial expansion.
Adesina stated that Nigeria’s massive youth demographic represents an enormous commercial frontier, yet warned that products disconnected from the realities and aspirations of young Nigerians will struggle to gain traction.
He challenged insurers to track actual consumer spending patterns and engineer compelling value propositions that motivate households to voluntarily allocate disposable income toward insurance covers.
From an international cooperation perspective, the Trade Commissioner for Global Affairs Canada in Nigeria, Mrs. Funmike Sojinuga, affirmed Canada’s commitment to deepening technical and investment partnerships with Nigeria’s insurance industry.
She identified a robust insurance framework as a prerequisite for attracting foreign direct investment and preserving macroeconomic stability, noting that global investors prioritize clear regulatory oversight and effective risk-mitigation environments.
Sojinuga stated that an expanded insurance space will unlock long-term domestic capital for large-scale infrastructure, commercial ventures, and renewable energy projects, revealing that high-level engagements are underway with Canadian insurance stakeholders to foster bilateral knowledge transfer and cross-border innovation.