Business News

NAICOM Urges Insurance Industry to Prioritize Youth Involvement for Future Growth

Published

1 year ago

April 6, 2025

L-r: Oguche Agudah, CEO, Pension Fund Operators Association of Nigeria, (PenOp); Ibrahim Buwai, Head, Corporate Communication, National Pension Commission, PenCom, representing the DG, Ms Omolola Oloworaran; Bola Odukale, Director General, Nigerian Insurers Association, (NIA); Dr. Olufemi Oyetunji, Chairman of occasion/Chairman, Sanlam Life Insurance Nigeria Ltd; Nkechi Naeche-Esezobor, Managing Editor/ BusinessToday Communication Ltd, and Julius Odidi, Head, NAICOM Lagos Control Office, representing the Commissioner for Insurance, Segun Ayo Omoshein, during the 9th BusinessToday annual conference/ exhibition, held recently in Lagos

By LOVETH AZODO, Lagos

The National Insurance Commission (NAICOM) has called on stakeholders in the insurance industry to actively engage and invest in Nigerian youth as a critical step towards deepening financial inclusion and ensuring long-term sustainability of the sector.

Speaking at the 9th BusinessToday Conference & Exhibition held recently in Lagos, the Commissioner for Insurance, Mr. Segun Omosehin, underscored the importance of repositioning the industry to serve the younger generation.

Omosehin, who was represented by Dr. Julius Odidi, Deputy Director and Head of NAICOM’s Lagos Control Office, said the future of the financial ecosystem depends on how well young people are integrated into it.

With the conference themed ‘Banking on the Future: Youths, Pension, and Insurance Penetration’, he noted that the conversation was both timely and necessary.

“As a nation with a predominantly youthful population, the insurance industry must begin to develop strategies that make insurance relatable, accessible, and relevant to younger Nigerians,” Omosehin said.

He emphasized that NAICOM is committed to fostering trust and innovation across the sector to bridge existing gaps in youth engagement.

This includes advocating for digital solutions and products designed specifically with the needs, aspirations, and realities of young people in mind.

“There is a real opportunity here,” he noted. “When we empower our youth with the knowledge and tools for financial planning and protection, we’re not just expanding the reach of insurance, we’re laying the foundation for a more resilient and prosperous economy.”

Omosehin also praised the organizers of the conference for spotlighting youth-centered discussions, which he said would help shape future policies and drive inclusive growth in the financial services sector.

He urged insurers to take bold steps in creating innovative, youth-friendly products, enhancing financial literacy campaigns, and leveraging technology to close the trust and accessibility gap that has long hindered deeper insurance penetration among Nigeria’s young population.