By LOVETH AZODO, Lagos
Director General of the Nigerian Insurers Association (NIA), Mrs. Bola Odukale, has called on Nigerians to adopt a culture of risk identification and proper planning, stressing that insurance is an essential tool for building long-term resilience in both personal and business life.
Speaking on NTA’s Business Express programme, Odukale said many of the financial crises individuals and businesses face could be mitigated through proactive risk management anchored on insurance.
“As a nation, we must begin by asking: what are the risks we face? Whether as individuals, families, businesses or institutions, identifying and assessing these risks is the first step towards financial stability,” she said.
Odukale explained that insurance plays a central role in absorbing the shocks of unforeseen events such as death, natural disasters, business disruptions, and property loss—helping individuals and organizations maintain stability and continuity.
She noted that while religious and cultural beliefs often influence the public’s reluctance to take up insurance, continuous awareness and education can shift perceptions.
“We are a deeply religious people, but we must understand that planning ahead doesn’t mean we are inviting disaster it means we are preparing to stand when it happens,” she said.
Drawing attention to the rising economic uncertainties, Odukale urged Nigerians to take practical steps in protecting their assets, families, and enterprises through appropriate insurance policies tailored to their unique circumstances.
“Whether it’s a life policy to protect your family, or business interruption insurance to keep your company running after a crisis, the right coverage can reduce financial pressure and give you peace of mind,” she said.
She added that insurance also plays a broader economic role by mobilizing savings and funding long-term development projects, noting that a well-insured population contributes to national growth and resilience.
Odukale emphasized that the insurance industry is evolving with products that cut across various life stages and business needs, and encouraged the public to consult professionals to assess their risks and choose suitable policies.
“At every stage of life, there is a policy that speaks to your need,” she said. “What matters is understanding your risks and taking the right steps to protect what matters most.”
