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The National Association of Nigerian Students (NANS) has said the ongoing recapitalisation of Nigeria’s insurance industry will create new employment, entrepreneurship and career opportunities for Nigerian youths, urging students to take greater interest in the sector.
NANS President, Comrade Akinteye Babatunde Afeez, at a press conference in Abuja on Wednesday, said the insurance industry remained an important but underutilised component of Nigeria’s economy, capable of contributing significantly to youth empowerment and national development.
The students’ body also declared its support for the ongoing reforms by the National Insurance Commission (NAICOM), saying efforts to strengthen the industry would improve consumer confidence, protect policyholders and enhance the capacity of insurance companies to support economic activities.
NANS said the reforms had become particularly important to Nigerian youths, who constitute a significant part of the country’s future workforce and entrepreneurial population.
The association thus commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 on July 31, 2025, describing the legislation as a major step towards modernising the country’s insurance regulatory framework.
NANS noted that the new law provides a stronger foundation for financial inclusion, entrepreneurship, employment and professional development in the insurance sector.
It also commended the leadership of NAICOM, under Commissioner for Insurance, Olusegun Ayo Omosehin, and its Governing Board chaired by Halima Kyari, for what it described as far-reaching reforms aimed at strengthening the industry.
The association said the recapitalisation exercise should be seen beyond a regulatory requirement, arguing that stronger insurance companies would have greater capacity to underwrite risks, settle legitimate claims and support investments and businesses.
NANS said a vibrant insurance sector was necessary for protecting investments, supporting business continuity and providing financial security, adding that its development could contribute to Nigeria’s aspiration for a $1 trillion economy.
The students’ body also highlighted NAICOM’s contribution to tertiary education through the Insurance Education Fund and related interventions.
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It said the initiatives had supported infrastructure such as ICT centres, laboratories and other academic facilities in universities, polytechnics and colleges of education.
“Over the years, these initiatives have contributed to the development of critical infrastructure in universities, polytechnics and colleges of education,” NANS said, noting that students were direct beneficiaries of such investments.
The association, however, expressed concern over what it described as attempts by some individuals and groups to discredit NAICOM and undermine the ongoing reforms.
It specifically rejected calls for the removal of the commission’s leadership, saying Nigerian students should not be used to advance campaigns against institutions implementing sectoral reforms.
NANS said it had reviewed publicly available information on NAICOM’s operations and reforms and claimed it found no credible basis for the allegations being promoted against the commission.
The association also commended NAICOM’s emphasis on prompt settlement of genuine insurance claims and welcomed the Insurance Policyholders Protection Fund established under NIIRA 2025.
It said the fund could provide additional protection for policyholders, including young people and other vulnerable consumers, while urging NAICOM to intensify public awareness of the initiative.
NANS pledged to mobilise students for insurance awareness and financial literacy programmes, promote insurance as a career pathway for graduates and encourage participation in youth-focused insurance development initiatives.
The association also urged the Federal Government, National Assembly, industry stakeholders and the media to support the reforms, saying a stronger insurance industry would help create jobs, expand economic opportunities and improve financial security for Nigerians.
