A former executive director of AXA Mansard Insurance, Rashidat Adebisi, has outlined a reform-driven blueprint aimed at positioning Nigeria’s insurance sector as a catalyst for achieving the country’s $1 trillion GDP target.
Adebisi, who stepped down from the board of AXA Mansard on December 31, 2025, after more than two decades in institutional finance, announced the launch of “The Re-Architecture Project.” The initiative seeks to realign Nigeria’s insurance and financial systems with the Federal Government’s trillion-dollar economic ambition.
A Defining Moment for Reform
With the introduction of the Nigeria Insurance Industry Reform Act (NIIRA 2025), Adebisi described the current period as pivotal for the industry.
“This is a watershed for our sector. Achieving a $1 trillion economy requires more than capital; it demands a comprehensive rethinking of how financial systems engage the informal economy,” she said.
She noted that Africa’s informal sector accounts for over 60 percent of employment, stressing that sustainable economic expansion will depend on formally integrating this large but underserved segment.
Insurance as Economic Infrastructure
Adebisi challenged the perception of insurance as a secondary financial service, arguing instead that it should serve as a foundation for economic stability.
“Insurance is the safety net that enables a nation to leap forward. It stabilises businesses, protects households, and underpins long-term growth,” she said.
She pointed out that insurance penetration across much of Africa remains below three percent, leaving millions exposed to financial shocks and widening the protection gap.
According to her, Nigeria’s primary constraint is not capital scarcity but what she termed “invisible infrastructure” — trust, accessibility, and regulatory clarity.
Leveraging NIIRA 2025
Adebisi urged industry stakeholders to view NIIRA 2025 as a framework for strengthening the sector rather than a regulatory burden.
She said the reform’s focus on capital adequacy, improved governance, and consumer protection establishes the discipline necessary to sustain large-scale economic growth.
“Those who treat compliance as a burden will struggle; those who recognise it as a competitive advantage will thrive,” she stated.
Digital Inclusion Through FileAm
A key component of her blueprint is “Engineering Inclusive Ecosystems,” anchored by the FileAm App — a digital platform designed to simplify tax compliance for small businesses and informal entrepreneurs.
By bringing millions of micro and small enterprises into formal tax, insurance, and credit systems, Adebisi believes Nigeria can convert informal economic activity into measurable productivity.
“The wealth pipeline begins with identity and verifiable credentials. Compliance builds credit history, credit history unlocks capital, and capital creates intergenerational wealth,” she explained.
Policy-Driven Vision
A Fellow of the Association of Chartered Certified Accountants and an alumna of the Saïd Business School at the University of Oxford, Adebisi described her guiding philosophy as “data-aware, policy-conscious, and Africa-focused.”
As Nigeria pursues its ambitious economic target, she maintains that strengthening insurance penetration and financial inclusion will be critical pillars in building a resilient and globally competitive economy.
