NAICOM Restates Commitment To Ensure Insurance Industry’s Contributions To National Economy
From left: Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO, NAICOM, Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State)
The National Insurance Commission (NAICOM) has reiterated it’s commitment to ensuring insurance industry’s contributions to the sustainability of the economy.
The Commissioner for Insurance/CEO of NAICOM, Olusegun Omosehin, said this while welcoming members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), led by Engr. Sani Mohammed Baba, during their working visit to NAICOM on Tuesday, in Abuja.
A statement by NAICOM stated that the primary agenda of the visit was to explore collaborative opportunities to advance the diversification of the Nigerian economy.
Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu mbitious goal of growing the Nigerian economy to $1 trillion by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective.
In closing, Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
