Minister of State for Youth Development Engages NAICOM on Collaborative Youth Empowerment Initiatives

By LOVETH AZODO, Lagos

In a bid to bolster youth development efforts, Mr. Ayodele Olawande, the Honourable Minister of State for Youth Development, recently embarked on a courtesy visit to Mr. Olorundare Sunday Thomas, the Commissioner for Insurance at NAICOM on February 16, 2024.

The meeting aimed to explore potential synergies between the Federal Ministry of Youth Development and NAICOM, particularly focusing on enhancing financial literacy, entrepreneurship, and career development among Nigerian youth.

During the visit, Commissioner Olorundare Sunday Thomas provided insights into the Nigerian insurance industry’s landscape, highlighting achievements in financial inclusion, risk-based supervision, and international accounting standards adoption.

He also emphasized NAICOM’s commitment to fostering regional collaboration through initiatives like the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

Expressing gratitude for the warm reception, Minister Ayodele Olawande underscored the Ministry’s dedication to youth empowerment through initiatives like the Nigerian Youth Academy (NIYA), a digital platform designed to equip Nigerian youth with vocational and digital skills.

Proposing collaboration with NAICOM, Minister Olawande suggested integrating an insurance educational module into the NIYA platform. Such collaboration, he argued, would significantly enhance youth training, financial literacy, entrepreneurship, and career development while promoting awareness of the benefits of insurance.

In response, Commissioner Olorundare Sunday Thomas pledged to facilitate discussions with relevant stakeholders within the Nigerian insurance industry, including the Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management, to actualize the Minister’s proposal.