The Federal Government is set to drastically reduce the billions of naira spent annually on repatriation by introducing a new travel insurance scheme in collaboration with the National Insurance Commission (NAICOM) and the Ministry of Interior.
The initiative was a key focus during a working visit by NAICOM’s leadership to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja. In a statement, NAICOM described the engagement as a strategic effort to deepen insurance penetration, reduce government liabilities, and strengthen economic stability.
Leading the delegation, the Commissioner for Insurance, Mr. Olusegun Omosehin, discussed with the Minister how travel insurance could shift the financial burden of repatriating short-stay visa holders from the government to an insurance-supported system. According to officials, this reform could save the country billions of naira and create a more sustainable framework for managing repatriation cases.
One major outcome of the meeting was the decision to set up a technical working group to design the travel and repatriation insurance framework. The group will also coordinate the rollout and ensure smooth inter-agency collaboration. Stakeholders emphasized the need for enhanced data verification systems to combat fraud, with the National Identity Management Commission expected to play a pivotal role in integrating identity data across the insurance and immigration sectors.
NAICOM reiterated its commitment to advising the government on risk management reforms and highlighted the importance of shifting certain fiscal burdens to the insurance industry as a more efficient and innovative approach. The Commission also reaffirmed its plans to strengthen regulatory oversight, bolster solvency standards, and protect consumers.
Commending the Minister’s reforms, Omosehin expressed NAICOM’s readiness to work closely with the Ministry of Interior to improve data sharing, strengthen public trust, and advance nationwide insurance reforms. He stressed that a robust insurance industry is essential to Nigeria’s long-term economic development.
In his response, Dr. Tunji-Ojo praised NAICOM for restoring confidence in the sector and encouraged insurers to innovate and elevate service standards to meet modern consumer needs. He described insurance as a cornerstone of any stable economy, adding that the Ministry remains committed to supporting measures that protect Nigerians while reducing pressure on government finances.
