NAICOM Aligns Insurance Sector with Tinubu’s $1trn Economy Goal
By Patience Ikpeme
The National Insurance Commission (NAICOM) has pledged to align the insurance sector with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims to grow the Nigerian economy to $1 trillion by 2030.
This commitment was made by Olusegun Ayo Omosehin, the Commissioner for Insurance and CEO of NAICOM, during the investiture of Mrs. Yetunde Ilori as the 52nd President of the Chartered Insurance Institute of Nigeria (CIIN).
Omosehin emphasized the critical role of leadership in the insurance sector, particularly amidst significant economic challenges and opportunities. He stated, “Leadership in the insurance sector is more critical now than ever before as we navigate a world of significant economic challenges and great opportunities. The insurance industry must continue to evolve and adapt to meet the changing dynamics of our society.”
Expressing confidence in Mrs. Yetunde Ilori’s leadership, Omosehin noted that she will play a pivotal role in driving the transformation, ensuring that the Institute remains a beacon of excellence and a catalyst for positive change.
Reaffirming NAICOM’s commitment to a robust, resilient, and stable insurance industry, Omosehin underscored the sector’s importance to Nigeria’s economic stability and growth. “It is important to reaffirm our collective commitment to promoting a robust, resilient, strong, and stable insurance industry that contributes to the economic stability and growth of Nigeria,” he said.
Omosehin called for collaborative efforts to reposition the insurance profession and rebrand the industry, emphasizing the need for improved public perception and understanding. “Emerging realities and developments at the global and national levels today obviously call for our collaborative effort to reposition the insurance profession and rebrand the industry such that our narratives can be better understood by all. We should be mindful of the perception of the insurance profession by the public and be deliberate in putting our narratives across,” he urged.
NAICOM views the Chartered Insurance Institute of Nigeria (CIIN) as a vital partner in developing skilled professionals essential for achieving these goals. Omosehin reiterated NAICOM’s continuous support for the Institute and expressed eagerness to explore additional mechanisms to enhance their relationship and improve public confidence in the insurance industry.
This strategic alignment between NAICOM and the insurance sector demonstrates a strong commitment to driving economic growth and transforming the industry to meet the ambitious targets set by President Tinubu’s Renewed Hope Agenda.
