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)
Yemisi Izuora
The National Insurance Commission, NAICOM, has highlighted the importance of the insurance industry in facilitating Nigeria’s economic development and growth.
The industry according to the country’s insurance Commissioner, is capable of playing pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
The Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, stated this while hosting members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission.
The Revenue Mobilization Agency led by Engr. Sani Mohammed Baba, was on a working visit to the Commission on Tuesday, 14th May, 2024.
The primary agenda was to explore collaborative opportunities to advance the diversification of the Nigerian economy.
Mr. Olusegun Ayo 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 also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
The Commissioner for Insurance also acknowledged President Bola Ahmed Tinubu GCFR’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
In closing, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
Engr. Sani Mohammed Baba, in response emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.