NAICOM, NESG partner to drive economic Growth

By Henry Uche

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Nigerian Economic Summit Group (NESG) are working hands in gloves to bring about economic growth through insurance sector reform. A statement from National Insurance Commission (NAICOM) confirmed this development.

This partnership was sealed when the Commissioner for Insurance received a delegation from the NESG on a courtesy visit in Abuja, as he expressed delight at the meeting, highlighting the long-overdue collaboration between NAICOM and NESG.

Mr. Omosehin underscored the insurance sector’s critical role in Nigeria’s economic growth and development, as 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developments, notably the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which consolidates outdated laws and introduces landmark reforms.

NAICOM Chief 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” the statement added.

Pix:

Mr. Omosehin with the leader of NESG delegation, Executive Director, Dr. Uchenna Ogbonna