The National Association of Nigerian Students has expressed support for the ongoing reforms in Nigeria’s insurance industry, including the recapitalisation exercise being implemented by the sector’s regulator.
Speaking at a press briefing, the NANS National President said the association supported measures aimed at strengthening the capacity and resilience of insurance companies operating in the country.
The student body also criticised what it described as attempts by some interests to frustrate or undermine the recapitalisation process.
According to NANS, the insurance sector has an important role to play in supporting economic activity, protecting individuals and businesses against risks, and contributing to broader financial stability.
The association said reforms designed to improve the financial strength of insurers could enhance the sector’s ability to meet its obligations and compete more effectively within the international insurance market.
The NANS president said the association, which represents students across universities, polytechnics and colleges of education, recognised the importance of a stronger insurance industry to Nigeria’s economic development.
He also expressed the association’s support for the Federal Government’s broader economic reform programme under President Bola Ahmed Tinubu.
NANS said the recapitalisation initiative was particularly significant because stronger capital positions could improve the capacity of insurance institutions to absorb risks and support policyholders.
The association consequently urged stakeholders to allow the reform process to proceed without actions that could disrupt its implementation.
It described efforts to derail the exercise as potentially harmful to the objectives of strengthening the insurance industry and improving its contribution to the economy.
NANS further said its support for the reform programme was based on its stated interest in policies that promote economic stability and protect the interests of Nigerian students and the wider population.
The association maintained that a financially stronger insurance industry could contribute to broader economic development by providing protection against risks and supporting businesses and households.
It therefore called for continued attention to reforms aimed at improving the sector’s financial capacity, stability and competitiveness.
The student body also reaffirmed its intention to support public policies that, in its view, advance economic stability and strengthen institutions relevant to the welfare of Nigerians.
The comments come as Nigeria’s insurance industry undergoes a major recapitalisation process led by the National Insurance Commission, with insurers required to strengthen their capital bases in line with regulatory requirements.
NANS’s position adds a student and civil-society perspective to the ongoing debate around the implementation of the insurance sector reforms.
