The National Insurance Commission (NAICOM) has called for increased youth participation in Nigeria’s insurance and pension sectors, describing it as critical to driving growth and industry relevance in a fast-evolving economy.
Speaking at the 10th Business Today Annual Conference in Lagos, NAICOM Commissioner for Insurance, Olusegun Omosehin, represented by Julius Odede, said Nigeria’s large youth population presents both an opportunity and a responsibility for stakeholders.
He stressed that young people must be actively engaged as contributors to the industry, not just future beneficiaries, noting that technology and changing expectations are reshaping financial services.
Omosehin highlighted the need for simpler, more relatable communication to attract young Nigerians, warning that overly technical messaging discourages participation. He also pointed to ongoing reforms focused on consumer protection, transparency, and innovation to build trust in the sector.
He, however, noted that regulation alone is insufficient, emphasizing the need for increased awareness and financial education, particularly among youths making early financial decisions.
In her keynote address, Chiamaka Ugo-Obidike called for customer-driven innovation and better integration across financial services, urging firms to adopt open finance systems that allow seamless access to banking, insurance, pensions, and investments on a single platform.
Conference convener, Nkechi Naeche-Ezezobor, said the event aimed to spark youth interest and correct misconceptions about the industry, while Ekeoma Ezeibe encouraged young people to engage with professional bodies for capacity development.
Also speaking, Adebayo Arowojolu and Babatunde Oguntade emphasised insurance as a vital tool for financial security, noting that reforms under the Nigerian Insurance Reform Act 2025 have strengthened the industry and boosted investor confidence.
Stakeholders agreed that empowering young people is essential to building a more inclusive, innovative, and sustainable insurance and pension ecosystem in Nigeria.
