Insurance Sector Committed To $1trn Economy Target – NAICOM Boss

By Sunday Etuka, Abuja

Commissioner for Insurance/CEO, National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, has expressed the sector’s commitment to growing the nation’s economy to $1 trillion by 2026, in line with the Renewed Hope Agenda of President Bola Tinubu.

Mr. Omosehin made the commitment while welcoming the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during their working visit to the NAICOM in Abuja.

- Advertisement -

The aim of the visit was to explore collaborative opportunities to advance the diversification of the Nigerian economy.

Speaking in his Opening Remarks, the NAICOM reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.

He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

He mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

In closing, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Back to top button