NAICOM, NESG forge artnership to drive economic growth through insurance sector reforms

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, received a delegation from the Nigerian Economic Summit Group (NESG) on a courtesy visit today. The Commissioner expressed delight at the meeting, highlighting the long-overdue collaboration between NAICOM and NESG.

A statement from NAICOM said during the meeting, Mr. Omosehin underscored the insurance sector’s critical role in Nigeria’s economic growth and development. He briefed the delegation on key sector developments, notably the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which consolidates outdated laws and introduces landmark reforms.

The Commissioner called for enhanced collaboration between NAICOM and NESG on strategic initiatives, including data sharing, financial inclusion expansion, and the establishment of an insurance working group within NESG. He also emphasized the need to raise public awareness about the insurance sector’s vital contribution to economic growth.

NAICOM reaffirmed its commitment to protecting insurance consumers, ensuring transparency, and providing efficient insurance services that support Nigeria’s economic development. Both organizations agreed to continue working together to transform the insurance landscape and drive economic opportunities for Nigerians.”