NAICOM, RMAFC, to Diversify Nigeria’s Economy

Elizabeth Christopher

On May 16, 2024

The Commissioner and CEO of National Insurance Commission NAICOM, , Mr. Olusegun Ayo Omosehin has welcomed the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba during a meeting.

The primary agenda of the meeting was to explore collaborative opportunities to advance the diversification of the Nigerian economy.

In his opening remarks, Mr. Omosehin reaffirmed the essential role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He highlighted the pivotal role of insurance in mobilizing savings for long-term developmental projects and enabling businesses to manage risks effectively.

Mr. Omosehin emphasized the Commission’s commitment to ensuring that insurance companies fulfill their obligations, thereby contributing to the economy’s sustainability.

Engr. Sani Mohammed Baba underscored the significance of revenue generation, institutional expansion, and job creation for Nigerians through collaborative efforts.

He stressed that the partnership between NAICOM and the Revenue Mobilisation Allocation and Fiscal Commission could play a crucial role in these areas, benefiting the broader economy.

Mr. Omosehin also acknowledged President Bola Ahmed Tinubu GCFR’s ambitious goal of expanding the Nigerian economy to one trillion United States dollars ($1 trillion) by 2026.

He expressed the insurance sector’s intent to make contributions toward achieving this objective.

Furthermore, he mentioned ongoing efforts to integrate insurance within the National Credit Scheme to ensure its sustainability and broader reach.

In his concluding remarks, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.

He called for ongoing efforts to educate and engage with stakeholders to enhance understanding and support for the insurance sector’s contributions to the economy.

The meeting ended on a positive note, with both parties expressing optimism about the potential outcomes of their collaboration in driving Nigeria’s economic diversification and growth.

From Left: Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State.