The National Association of Nigerian Students (NANS) has commended the National Insurance Commission (NAICOM) for its sustained support for tertiary education through the Insurance Education Fund and other interventions.
The students’ body also expressed support for ongoing reforms by the commission aimed at strengthening Nigeria’s insurance industry and improving its capacity to contribute to national development.
NANS conveyed its position in a statement addressed to NAICOM leadership, in which it praised the commission’s education-related initiatives as well as its broader regulatory reforms.
Students Back Insurance Reforms
The association specifically commended the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, for the conclusion of the insurance industry recapitalisation exercise, which it said had contributed to the emergence of stronger insurance institutions.
NANS said the stronger capital base of insurance companies would enhance the sector’s ability to withstand economic pressures, provide greater protection for policyholders and support long-term investment.
The students’ body also joined other stakeholders in applauding President Bola Ahmed Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
According to NANS, the legislation represents a major development in the country’s financial services sector, providing a modern regulatory framework to replace outdated legal provisions governing the insurance industry.
NIIRA 2025
The association described NIIRA 2025 as one of the most significant legislative interventions in Nigeria’s financial services sector in recent years.
It said the new law provides a comprehensive framework better suited to the needs of a modern economy while creating opportunities for stronger regulation, improved industry stability and greater protection for insurance consumers.
NANS further stated that NAICOM’s reforms could help reposition the insurance sector and strengthen its contribution to Nigeria’s economic development.
The association reaffirmed its appreciation for the commission’s continued investment in insurance education and urged stakeholders to support initiatives capable of expanding knowledge and awareness of insurance among young Nigerians.
It maintained that stronger collaboration between regulatory institutions, educational stakeholders and students would help build a more informed population and contribute to the long-term growth of the insurance industry.
