The Nigerian Insurers Association (NIA) on Tuesday joined key stakeholders at the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign, held at the Balogun Business Association Square (BBA), ASPAMDA Market, Lagos International Trade Fair, Badagry Road, Lagos. The event marked the launch of a nationwide initiative aimed at enhancing financial resilience and promoting inclusive insurance as a tool for poverty reduction and economic stability.
The campaign, organized in collaboration with the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB), is set to be rolled out across various states, including the Federal Capital Territory (FCT). According to a statement by Ajoke Adeyemi, Head of Corporate Communications and Brand Management at NIA, the initiative seeks to educate traders and business owners on the importance of insurance as a risk management tool.
Representing the NIA, Mr. Soji Oni, Controller Technical, emphasized the critical role of insurance in mitigating risks faced by businesses. “Businesses are often confronted with unforeseen circumstances, and the most effective way to manage these risks is through insurance,” Oni stated. He further explained that insurance serves as a cornerstone for business success, providing traders with the necessary security, peace of mind, and confidence to navigate unexpected challenges.
Oni highlighted the importance of tailored insurance products backed by risk improvement recommendations, particularly for traders whose stock-in-trade is vital to their livelihoods. “For traders, the right insurance product, supported by risk improvement strategies, will ensure the stability and sustainability of their businesses, ultimately benefiting their families across generations,” he added.
The UNDP’s Insurance and Risk Finance Facility (IRFF) is at the heart of this campaign, aiming to foster financial inclusion and resilience among vulnerable populations. By promoting insurance literacy and consumer protection, the initiative seeks to empower traders, who are significant contributors to Nigeria’s economy, to safeguard their businesses against potential risks.
The literacy campaign is expected to have a far-reaching impact, equipping traders with the knowledge and tools needed to protect their businesses and ensure long-term sustainability. This aligns with the UNDP’s broader goal of reducing poverty and building financial inclusion through accessible and inclusive insurance solutions.
As the campaign unfolds across Nigeria, stakeholders remain optimistic that increased awareness of insurance will not only strengthen the resilience of individual businesses but also contribute to the overall economic stability of the nation.
