NAICOM, RMAFC Strategise On Collaboration As Omosehin Harps On Insurance Relevance In Economy

The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, has canvassed for enlightenment of government institutions on the relevance of insurance to economic development of the country.

Further, he highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

Omosehin spoke while welcoming the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) led by Engr. Sani Mohammed Baba, as part of their working visit to the National Insurance Commission on Tuesday.

Omosehin reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.

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 also acknowledged President Bola  Tinubu’s ambitious goal of growing the Nigerian economy to $1 trillion by 2026.

He expressed the insurance sector’s intent to significantly contribute to this objective, citing the ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

He stressed the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

Earlier on his part, Engr. Sani Mohammed Baba had emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.

He pointed out that the primary agenda of their visit was to explore collaborative opportunities with the Commission to advance the diversification of the Nigerian economy.