In a strategic move to enhance insurance penetration across Nigeria, the National Insurance Commission (NAICOM) has sought collaboration with the Nigeria Governors’ Forum (NGF). On August 30, 2024, Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive of NAICOM, met with Dr. Abdulateef Shittu, the Director General of the NGF, at the Forum’s Secretariat in Abuja.
Dr. Shittu, welcoming Mr. Omosehin and his team, highlighted the NGF’s evolution into a pivotal policy hub for state Governors, emphasizing its role as both a technical and administrative center. The NGF Secretariat serves as a comprehensive resource for state-level policy formulation and administrative services.
During the meeting, Mr. Omosehin outlined NAICOM’s mandate to regulate, supervise, and develop Nigeria’s insurance sector. He stressed the need for a coordinated approach to increase insurance compliance at the state level, emphasizing that while federal agencies currently drive these efforts, greater collaboration with state governments is crucial.
Mr. Omosehin discussed the importance of integrating compulsory insurance laws at the state level, using Lagos State as an example. He noted that a unified approach could mitigate revenue loss and enhance awareness about the benefits of insurance across Nigeria.
Dr. Shittu expressed enthusiasm for the partnership, believing it would positively impact insurance penetration in the country. Both parties agreed to submit a concept note for review and set up a joint committee to oversee the initiative, marking the beginning of a collaborative effort to strengthen insurance coverage nationwide.
