A former Executive Director at AXA Mansard, Rashidat Adebisi, has called for a comprehensive re-architecture of Nigeria’s financial system, insisting that capital alone will not deliver the country’s ambitious $1 trillion economy target.
Adebisi, a finance professional with more than 21 years of experience in institutional finance, made this known in Lagos at the official launch of “The Re-Architecture Project.”
According to her, achieving a trillion-dollar economy requires more than increased funding. Instead, she argued for a fundamental redesign of how financial systems engage with the informal economy, which accounts for over 60 per cent of employment across Africa.
“This strategic pivot is about aligning Nigeria’s insurance and financial infrastructure with the Federal Government’s $1 trillion ambition and positioning the sector as a driver of macroeconomic stability,” she said.
She described the current period as a defining moment for the industry, particularly as stakeholders navigate the provisions of the Nigeria Insurance Industry Reform Act (NIIRA 2025). Adebisi characterised the legislation as a structural reinforcement rather than regulatory friction.
“The Act’s focus on capital recalibration, stronger governance, and consumer protection is essential for building the institutional discipline required to support a $1 trillion GDP,” she noted.
Adebisi argued that the insurance industry must address the continent’s persistent “protection gap,” with penetration rates still below three per cent in many African markets. She described insurance as a foundational economic safety net.
“Insurance is the net that allows a nation to jump higher,” she said, adding that each decimal point in financial models represents businesses stabilised and futures secured.
Beyond capital constraints, she identified Nigeria’s real deficit as “invisible infrastructure” — trust, access, and regulatory clarity — which she believes are critical to unlocking sustainable growth.
On industry reforms, she said NIIRA 2025 represents a recalibration of the sector’s foundations while accelerating digital transformation.
“Those who see compliance as a burden will struggle. Those who treat it as a competitive advantage will thrive,” she stated, describing policy fluency as a key leadership competency for the coming decade.
A central pillar of The Re-Architecture Project, she explained, is the integration of the informal sector into formal financial systems through interoperable digital ecosystems. She highlighted the FileAm App as an example, noting that it reimagines tax compliance as a digital utility for small and medium-sized enterprises and informal entrepreneurs.
By creating digital identities and verifiable credentials, the initiative aims to convert compliance into credit history and credit history into improved access to capital, fostering long-term wealth creation.
Adebisi urged industry leaders and policymakers to move beyond incremental reforms and focus on designing integrated financial ecosystems capable of sustaining Africa’s future economic aspirations.
