The Commissioner for Insurance, Olusegun Omosehin, has emphasized the need for Nigeria’s insurance industry to evolve from its current peripheral position into a central pillar of economic growth to help achieve the federal government’s $1 trillion economy target.
Omosehin made this known in a keynote address delivered at the 8th Triennial Delegates Conference of the Independent Shareholders Association of Nigeria (ISAN), held recently in Lagos. He was represented by Ajibola Bankole, Director of Inspectorate at the National Insurance Commission (NAICOM).
Highlighting the theme “Nigeria, Towards a $1 Trillion Economy by 2030,” Omosehin described the insurance sector as a key driver of investor confidence and economic stability. “For Nigeria to reach the $1 trillion goal, the insurance sector must transition from a peripheral role to becoming an engine for growth. The NIIRA 2025 Act is a major step in this direction,” he said.
He added that NAICOM’s ongoing reforms aim to boost capital retention, reduce capital flight, and foster a transparent and competitive market environment. Omosehin also called for stronger collaboration among shareholders, insurers, and regulators, stressing that “everyone, including ISAN, has a role to play in achieving this national aspiration.”
ISAN’s National Coordinator, Moses Igbrude, reaffirmed the association’s commitment to protecting shareholder interests and promoting corporate accountability. “We are here to engage meaningfully and contribute to shaping policies that will drive Nigeria’s economic growth,” he said, pledging continued advocacy for fairness and transparency in the business landscape.
Other speakers at the event included Ajibola Bankole; Williams Erimona, Partner at Ernst & Young; Peggy from the Nigerian Exchange (NGX); Martin Ikephai, COO of Computer Audit Control and Security Associates; and Matthew Akinlade, President of the Noble Shareholder Solidarity Association.
Williams noted that with Nigeria’s GDP currently around $237 billion, reaching the $1 trillion mark would require rethinking policy execution and addressing challenges like insecurity. Peggy emphasized financial literacy and inclusion, especially for youth and women, while Martin underscored cybersecurity as a critical foundation for sustainable development.
The panelists unanimously agreed that collaboration, discipline, innovation, and transparency will be key drivers in realizing Nigeria’s trillion-dollar economy ambition.
