NAICOM, NESG Collaborate To Drive Economic Growth Through Insurance Sector Reforms

The Commissioner for Insurance Mr. Olusegun Ayo Omosehin with the leader of the NESG delegation Dr. Uchenna Ogbonna, Executive Director – NESG

The National Insurance Commission (NAICOM) and the the Nigerian Economic Summit Group (NESG) have resolved to collaborate towards achieving economic development through insurance reforms.

This forms the highpoint of deliberations between NAICOM and NESG during a courtesy visit by a delegation of the NESG led by its Executive Director, Dr. Uchenna Ogbonna, to the corporate headquarters of NAICOM in Abuja.

The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed delight at the meeting, highlighting the long-overdue collaboration between NAICOM and NESG.

During the meeting, Mr. Omosehin underscored the insurance sector’s critical role in Nigeria’s economic growth and development.

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developments, notably the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, which consolidates outdated laws and introduces landmark reforms.

The Commissioner 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.