The National Insurance Commission (NAICOM) has emphasized the critical role of insurance in safeguarding Nigeria’s national security and economic stability.
At the inaugural Insurance Week in Lagos, the Commissioner for Insurance, Mr. Olusegun Omosehin, underscored the importance of insuring human resources, fixed assets, and valuables as essential to building a resilient economy.
Speaking during the Grand Finale and Award Gala hosted by the Chartered Insurance Institute of Nigeria (CIIN), Omosehin said:
“From Lagos to Abuja, we are witnessing a renewed interest in insurance as awareness campaigns gain momentum. This is thanks to your collective effort. But we must go beyond this week to keep amplifying the message that insurance is vital for protecting lives, livelihoods, and our economy.”
Why Insurance is Non-Negotiable for Nigeria’s Future
Omosehin warned that without robust insurance penetration, Nigeria’s economy remains vulnerable to shocks and citizens are exposed to unnecessary risks.
The weeklong event featured:
✅ Awareness Walks across major cities
✅ School outreach programs to educate the younger generation
✅ Market sensitization campaigns targeting grassroots communities
✅ A Youth Innovation Challenge to drive fresh ideas in insurance technology
These efforts culminated at the National Stadium, Lagos, where winners of the CIIN 2025/2026 Ambassador Competition were announced:
🏆 Winner: Sanusi Ishola (Noor Takaful Insurance Ltd)
🥈 1st Runner-Up: Adesina Waris (Noor Takaful Insurance Ltd)
🥉 2nd Runner-Up: Popoola Adedoyin (Linkage Assurance Plc)
CIIN Calls for Legislative Support to Transform Insurance Sector
CIIN President, Mrs. Yetunde Ilori, described the Insurance Week as a landmark initiative aimed at grassroots engagement.
“This is the first time in the history of Nigeria’s insurance industry that such a weeklong campaign is being held. The goal is to make insurance relatable to everyday Nigerians and highlight its role as the backbone of a thriving economy,” Ilori said.
She called on President Bola Tinubu to support legislative reforms that will modernize Nigeria’s insurance framework:
“Whatever you treasure, you must protect with insurance. We urge the Federal Government to assent to the proposed insurance law, enabling us to roll out reforms that can transform the entire economy.”
Why This Matters:
- Protects businesses and citizens from unforeseen risks
- Strengthens Nigeria’s financial systems against economic shocks
- Encourages investments and boosts public trust in institutions
- Promotes financial literacy and inclusion across rural and urban communities
