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National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) said it is collaborating towards exploring opportunities to promote the diversification of the Nigerian economy.
The duo Commissions made this pledge at NAICOM’s headquarters in Abuja, when members of the Constitutional Committee on “Mobilisation and Diversification” of the RMAFC, led by Engr. Sani Mohammed Baba, visited NAICOM. During their working visit, the Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, in a remark reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
Omosehin highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively. He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
The Commissioner for Insurance who acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026, expressed the insurance sector’s intent to significantly contribute to this objective.
While emphasizing some of the ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability, he highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
On his part, Engr. Sani Mohammed Baba expressed optimism and emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
