The National Pension Commission (PenCom) has called on insurance and pension industry players to prioritize market awareness in 2024 as part of their contributions towards achieving the Federal Government’s ambitious $1 trillion economy target by 2030.
This charge was delivered by PenCom’s Director-General, Omolola Oloworaran, during the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE). The conference, themed “Towards a $1 Trillion Economy: Roles of Insurance and Pension Sectors,” gathered industry leaders, policymakers, and stakeholders to discuss strategies for economic growth.
Represented by Akinsola Adeseun, Zonal Head of the South-West Zonal Office, Oloworaran highlighted the pivotal role the insurance and pension sectors play in building a resilient and robust economy.
“The insurance and pension sectors are veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large,” she said.
The Director-General emphasized the need for collective efforts to drive innovation, collaboration, and actionable steps that ensure sustainable development and economic stability.
Oloworaran commended NAIPE for creating a platform to unite industry experts and stakeholders, describing the conference as a vital avenue for exchanging insights, identifying opportunities, and addressing challenges.
“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility,” she noted, urging stakeholders to foster an environment where the insurance and pension sectors can thrive.
The conference served as a clarion call for operators to align with the Federal Government’s vision by leveraging their capabilities to drive market awareness, expand coverage, and enhance financial inclusion.
“As we delve into discussions, let us be encouraged to not only envision a prosperous future but to also take actionable steps that will ensure sustainable development and long-term success,” she added.
Stakeholders at the event expressed optimism about the potential of insurance and pension sectors to serve as growth catalysts, stressing the importance of innovation and collaboration in achieving the ambitious economic target.
The Federal Government has identified the insurance and pension sectors as critical components of its strategy to diversify the economy and attain inclusive growth, making this conference a timely and significant step towards realizing Nigeria’s economic aspirations.
