The National Insurance Commission (NAICOM) is teaming up with the Nigeria Governors’ Forum (NGF) to boost insurance penetration across Nigeria’s 36 states. This collaboration was highlighted in a recent statement following a courtesy visit by Mr. Olusegun Ayo Omosehin, the Commissioner for Insurance and Chief Executive of NAICOM, to Dr. Abdulateef Shittu, the Director General of the NGF, at the Forum’s Secretariat in Abuja.
The statement revealed that Dr. Shittu informed the NAICOM delegation of the NGF’s role as a policy hub for state governors, serving as both a technical and administrative arm of the Forum. He described the NGF Secretariat as a central resource and administrative centre for the Forum’s activities.
Dr. Shittu added that the NGF Secretariat functions as a one-stop shop for any business dealings between NAICOM and the state governments. Following introductions between team members, Mr. Omosehin expressed gratitude for the warm reception and outlined NAICOM’s core mandate, which includes the supervision, regulation, and development of Nigeria’s insurance sector.
Omosehin emphasized the need to cultivate a stronger insurance culture nationwide by ensuring compliance with compulsory insurance laws. While federal agencies have driven these initiatives at the federal level, he stressed the importance of state-level cooperation and collaboration to enhance insurance penetration.
He explained that the purpose of the visit was to explore a coordinated approach with the NGF Secretariat, which would act as a policy hub for the states. Omosehin, who recently took office, aims to address issues with a fresh perspective to achieve better outcomes compared to past efforts.
Omosehin also highlighted the necessity for state-level domestication of laws concerning compulsory insurance, citing Lagos State as an example. He pointed out that a fragmented approach needs to be centralised, particularly for motor third-party insurance, to prevent revenue losses and improve states’ internal revenue generation. Raising awareness about the value of insurance across states is also a key objective.
In response, Dr. Shittu expressed optimism about the potential positive impact of the partnership and welcomed NAICOM’s initiative. Both the NGF Secretariat and NAICOM agreed to draft and review a concept note to formalise their collaboration. With a delivery room assessment already completed, the joint committee is set to begin work on implementing the planned activities.