FG: Strong, Innovative Insurance Sector Needed  for  Economic Transformation

Ebere Nwoji

The federal government has  said that it could not achieve its ongoing economic transformation strategy  without the backing of a strong, credible, and innovative insurance sector.

FG described insurance as a stabilizer and sector that cushions the shocks that came with enterprise.

The Minister of State for Finance, Dr. Doris Uzoka-Anite, stated this  yesterday in Lagos while addressing  directors of insurance firms at their Annual Directors’ Forum..

Uzoka-Anite, stated that the  ongoing implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 was a landmark initiative that aligned  the insurance sector with the Federal Government’s broader economic transformation strategy.

She expressed satisfaction with the speed of transformation going on in  insurance sector  and the economy, adding that it would rebuild public confidence in the sector.

“Across fiscal, monetary, and structural policy fronts, reforms are being implemented to rebuild confidence, attract investment, and stimulate production. As these reforms unfold, one thing becomes clear, no sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector. Insurance is a stabilizer. It cushions the shocks that come with enterprise. It sustains families when tragedy strikes. It protects national assets, encourages entrepreneurship, and supports investor confidence,” she observed.

She further described insurance as the silent engine of a resilient economy, adding that in Nigeria, the ongoing transformation presented both a challenge and an opportunity. 

According to her,  the transformation challenges insurers  to adapt to embrace digital solutions, enhance regulation, and strengthen consumer confidence. 

She also said it offered a powerful opportunity to leapfrog outdated models and build a 21st-century insurance industry from the ground up.

The theme of this year’s Directors’ conference is “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,”

Speaking on the NIIRA 2025, the minister said:  “We are laying that foundation. The reforms being implemented by NAICOM are positioning Nigeria not just to catch up, but to lead to become a model for regulatory innovation and sustainable market growth across Africa.”

Speaking further she said: “In Nigeria, we have made steady progress, but we must accelerate our reform process, as the government envisions an insurance industry that contributes significantly to GDP, mobilises long-term capital for infrastructure, and expands protection to all segments of society from corporate clients to the informal sector, from large cities to rural communities”, she stated.

She urged the directors to see themselves as stewards of transformation, pointing out that the responsibility for driving the transformation rests heavily on their shoulders. 

“As board members and captains of institutions, you are the custodians of governance and the stewards of strategy. Your decisions determine the sustainability and credibility of the insurance industry.”This is not the time for complacency; it is a time for courage, foresight, and leadership. I urge you to embed the principles of NIIRA 2025 into your organisational culture making compliance and transparency a shared value, not a regulatory obligation,” she stated.