NAICOM-RMAFC Partnership: Advancing Nigerian Economy Through Diversification
By Patience Ikpeme
The National Insurance Commission (NAICOM) is set to partner the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) to look for ways to diversify and advance the Nigerian economy
This was disclosed by the Commissioner for Insurance Mr. Olusegun Ayo Omosehin during a working visit to NAICOM by the members of the constitutional committee on ‘Mobilisation and Diversification” of the RMAFC led by Engr. Sani Mohammed Baba, on Thursday in Abuja .
Mr. Olusegun Ayo Omosehin reiterated the vital role of the insurance sector in overseeing, regulating, and protecting the interests of policyholders. He emphasized how insurance plays a crucial role in mobilizing savings for long-term development projects, supporting business growth, and effectively managing risks. He also highlighted the Commission’s commitment to ensuring insurance companies fulfill their obligations to contribute to the economy’s sustainability.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious target of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s determination to make a significant contribution towards this goal. He also mentioned the ongoing efforts to integrate insurance into the National Credit Scheme to ensure its longevity.
Mr. Omosehin stressed the importance of continuous advocacy and awareness-raising within government institutions about the critical role of insurance in national economic development.
Engr. Sani Mohammed Baba noted the significance of revenue generation, institutional growth, and job creation for Nigerians through collaborative partnerships.
