As Nigeria looks to chart a sustainable path toward economic growth, key players in the insurance industry are calling on the Federal Government to approve the long-awaited Insurance Reform Bill.
At the forefront of the advocacy is the Chartered Insurance Institute of Nigeria (CIIN), which emphasized the urgent need for legislative support to unlock the full potential of the insurance sector in protecting national assets, enhancing economic resilience, and contributing meaningfully to development.
Speaking at the closing ceremony of the 2025 Insurance Industry Week, held over the weekend in Lagos, CIIN President Yetunde Ilori appealed directly to President Bola Tinubu to give his assent to the proposed law.
“We urge the Federal Government to assent to our proposed law so we can implement the reforms needed to transform the entire economy,” Ilori said.
She reaffirmed CIIN’s dedication to fostering education and engagement within the insurance sector. Highlighting the significance of the week-long event, Ilori noted, “This is the first time we are having Insurance Week in the history of the industry.” The initiative, she said, was aimed at deepening grassroots awareness and emphasizing insurance’s role in national progress.
“Insurance is still misunderstood by many Nigerians. But the truth is, whatever you value must be protected—and insurance is how we do that. It is the backbone of any modern economy,” she added.
Julius Odidi, a director at the National Insurance Commission (NAICOM), representing the Commissioner for Insurance, reinforced the importance of insurance in ensuring economic stability and national security.
“Without insurance, our economy becomes more vulnerable, and our citizens less secure,” he warned. Odidi urged the industry to build on the momentum generated during the awareness week and continue engaging Nigerians.
On the education front, Abayomi Adelaja Arigbabu, Ogun State Commissioner for Education, Science, and Technology, was honored for promoting the adoption of insurance in schools across the state. Represented by Okeleye Olarotimi, he praised CIIN for the recognition and stressed the transformative role of insurance education.
“Insurance is not just a school subject—it’s a vital life skill. It instills financial literacy, risk management, and responsible citizenship. We’re proud to embed these values in our curriculum,” he said.
He credited the achievement to committed teachers, enthusiastic students, and effective collaboration with industry stakeholders like CIIN, pledging continued efforts to bridge education with real-world industries.
The grand finale of the insurance-themed quiz competition was also a major highlight of the event, drawing enthusiastic participants from across the country. Winners were rewarded with substantial cash prizes: the third runner-up received ₦750,000, the second runner-up was awarded ₦1 million, and the top winner walked away with the grand prize of ₦1.5 million for their exceptional performance.
The Insurance Industry Week concluded with strong calls for legislative action, educational partnerships, and public awareness as the sector positions itself as a critical driver of Nigeria’s long-term development.
