Strong, Credible Insurance Sector Crucial To Economic Transformation -Uzoka-Anite
By Sunday Etuka
The Minister of State for Finance, Dr. Doris Uzoka-Anite, has stated that no sustainable economic transformation could be achieved without a strong, credible, and innovative insurance sector.
Dr. Uzoka-Anite, spoke on Wednesday at the 2025 Insurance Directors’ Conference in Lagos, with the Theme: “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
She said “insurance is a stabilizer. It cushions the shocks that come with enterprise. It sustains families when tragedy strikes. It protects national assets, encourages entrepreneurship, and supports investor confidence. In essence, insurance is the silent engine of a resilient economy.”
The Minister stated that the Federal Government, under the visionary leadership of President Bola Tinubu, has set in motion bold and comprehensive reforms designed to place the nation on the path of sustainable growth and macroeconomic stability.“Across fiscal, monetary, and structural policyfronts, reforms are being implemented to rebuild confidence, attractinvestment, and stimulate production,” she said.
Affirming that the ongoing transformation presents both a challenge and an opportunity, the Minister said “It challenges us to adapt — to embrace digital solutions,enhance regulation, and strengthen consumer confidence. But it also offers a powerful opportunity: to leapfrog outdated models and build a 21st-century insurance industry from the ground up.
She said the ongoing implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 is a landmark initiative that aligns the insurance sector with the Federal Government’s broader economic transformation strategy.
According to her, the NIIRA 2025 is more than a regulatory framework; it represents a fundamental shift towards building institutions that are robust, ethical, innovative, and responsive to th eevolving needs of Nigerians.
“Through NIIRA 2025, we are laying that foundation. The reforms being implemented by NAICOM are positioning Nigeria not just to catch up, but to lead — to become a model for regulatory innovation and sustainable market growth across Africa,” she said.
Uzoka-Anite noted that the country has made steady progress, but must accelerate reform process, as the government envisions an insurance industry that contributes significantly to GDP, mobilizes long-term capital for infrastructure, and expands protection to all segments of society — from corporate clients to the informal sector, fromlarge cities to rural communities.
“This is where NIIRA 2025 becomes a national imperative. It provides a strategic roadmap that connects regulatory reform with digital innovation, market deepening, and consumer empowerment,” she added.
To the directors, she said, “the responsibility for driving this transformation rests heavily on your shoulders. As Board members and captains of institutions, you are the custodians of governance and the stewards of strategy. Your decisions determine the sustainability andcredibility of the insurance industry.”
She urged them to embed the principles of NIIRA 2025 into their organisational culture — making compliance and transparency a shared value, not a regulatory obligation.
She also admonished them to prioritise solvency, sustainability, and ethical practice in all governance deliberations. Stating that strong capital positions and sound risk frameworks are the foundation for expansion, stability and trust.
“Drive digital transformation within your institutions. Technology must no longer beviewed as a luxury; it is now the lifeblood of efficiency, customer satisfaction, and competitiveness.
“Strengthen enterprise risk management systems to respond effectively to emerging risks — cyber, climate, and geopolitical shocks, amongst others.
“Champion inclusion and innovation — expand insurance products to underserved populations, farmers, artisans, transport workers, and micro-enterprises,” she added.
The Minister urged specialized institutions offering inclusive products to focus on delivering services that would indeed catalyse and meet the needs of the financially excluded segments of the nation’s economy.
She said the government is working to strengthen capital market linkages, enabling insurers to invest more confidently in long-term infrastructure and green finance.
She also said the government is working to review investment and solvency frameworks toalign with macroeconomic stability and protect policyholders, promoteinter-agency collaboration, ensuring synergy between NAICOM,the Securities and Exchange Commission (SEC), the Central Bank of Nigeria(CBN), the Corporate Affairs Commission (CAC), the Federal Road SafetyCorps (FRSC), the Nigerian Data Protection Commission (NDPC), and the Economicand Financial Crimes Commission (EFCC), and support financial innovation,through tax incentives, digital platforms, and sandboxes that encourage InsurTech growth.She commended the leadership of the Commission under the Commissioner for Insurance, the leadership of Collegeof Insurance and Financial Management (CIFM) for their commitment and professionalism.
Earlier, in his OpeningRemarks, the Commissioner for for Insurance, Mr. Olusegun Ayo Omosehin, said the 2025 Insurance Directors’ Conference — a flagship gathering that continues to serve as a cornerstone for strategic dialogue, industry accountability, and forward-looking transformation, brought together the stewards of corporate governance and strategic direction in the sector.
He stated that the enactment of NIIRA 2025 marksa pivotal moment — a comprehensive blueprint to reposition the insurance sectoras a key driver of economic growth and social protection.
He said that the Commission has embarked on arecapitalization exercise for all insurance andReinsurance companies, as mandated by NIIRA 2025.
This exercise, according to him, was aimed at strengthening the financial soundness, stability, and competitiveness of the insurance sector in Nigeria, adding that the exercise commenced with the assent of Mr. President July 31, 2025, with a 12-month deadline ending July 31, 2026.
He informed that Institutions have submitted recapitalization plans as at the September 30th deadline for submission. Saying that reviews of the plans have been completed, and that theCommission would commence official communication to each company indicating the outcome of the review of Progress Report and also provide guidance and maintain open communication with operators to ensure smooth implementation of the recapitalization exercise.
“NAICOM will maintain open communication and provide guidance throughout this process and have secured the cooperation and support of other regulatory agencies in ensuring a seamless exercise,” he added.
