The National Insurance Commission (NAICOM) and the Nigerian Economic Summit Group (NESG) have entered into a strategic partnership aimed at unlocking the economic potential of Nigeria’s insurance sector.
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, disclosed the development on Tuesday in Abuja while receiving an NESG delegation on a courtesy visit. He described the collaboration as long overdue, stressing that it would help position insurance as a stronger driver of national prosperity.
Omosehin highlighted the sector’s growing significance to economic development, noting recent progress, including the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which consolidates outdated legislation and introduces sweeping reforms.
He outlined areas of cooperation between NAICOM and NESG, such as data sharing, financial inclusion initiatives, and the creation of an insurance-focused working group within the NESG. The Commissioner also underscored the need for greater public awareness of the insurance industry’s role in stimulating growth.
According to NAICOM, the commission remains committed to safeguarding policyholders, strengthening transparency, and enhancing service delivery across the industry.
Both NAICOM and NESG pledged to sustain collaboration in order to transform the insurance landscape and create wider economic opportunities for Nigerians.
