PenCom DG Urges Insurance, Pension Stakeholders to Collaborate for $1 Trillion Economy by 2030

By LOVETH AZODO, Lagos

In a drive to support the Federal Government’s goal of achieving a $1 trillion economy by 2030, the Acting Director-General of the National Pension Commission (PenCom), Omolola Oloworaran, has called for collaboration between the insurance and pension sectors.

Oloworaran made this appeal during her goodwill message at the 2024 national conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), themed “Towards A $1 Trillion Economy: Roles of Insurance and Pension Sectors,” held recently in Lagos.

Represented by the Zonal Head, South-West Zonal Office, Akinsola Adeseun, the acting DG stressed the importance of a joint effort between both sectors to realize the government’s economic ambition. She also commended NAIPE for organizing the conference.

She highlighted the pivotal roles of the insurance and pension sectors in economic growth and underscored the need for stakeholders to take practical steps to ensure sustainable development and long-term success.

“The insurance and pension sectors are indeed veritable cornerstones in building a strong and resilient economy. Together, they provide financial security and stability for individuals, businesses, and the nation at large,” Oloworaran said.

“Our collective goal of advancing towards a $1 trillion economy is not a mere aspiration but a shared responsibility. This conference serves as a vital platform to exchange insights, ideas, and strategies that will propel us toward achieving this ambitious target.”

She further commended the event organizers for bringing together experts from the pension and insurance industries, along with policymakers and key stakeholders, to engage in discussions aimed at fostering innovation and collaboration.

According to her, such gatherings are essential for identifying opportunities, addressing challenges, and creating synergies that enhance the sectors’ contributions to economic growth.

“As we delve into discussions, let us be encouraged to not only envision a prosperous future but also take actionable steps that will ensure sustainable development and long-term success. Together, let us strive to create an environment where the insurance and pension sectors can thrive, ultimately benefiting every Nigerian,” she concluded.

Oloworaran reassured stakeholders that PenCom remains committed to improving service delivery across the pension industry.