The insurance sector must play a pivotal role in mobilising savings for long-term developmental projects and enable businesses to thrive, while effectively managing risks, the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, has said.
The Commissioner spoke in Abuja on Tuesday when he and members of his management team received the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during a working visit to the Commission on Tuesday.
Omosehin who stressed the Commission’s commitment to ensuring insurance companies met their obligations, thus contributing to the sustainability of the economy, acknowledged President Bola Ahmed Tinubu’s ambitious goal of a $1trillion economy by 2026, adding that the insurance sector intends to significantly contribute to this national objective.
He reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders, pointing out that the primary agenda was to explore collaborative opportunities to advance the diversification of the Nigerian economy.
Besides, he spoke about ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability and highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
In his speech, the head of the delegation, Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
