Yemisi Izuora
The National Insurance Commission (NAICOM) has engaged critical stakeholders to promote insurance literacy and consumer protection.
This was part of the highlights of the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign held at the Balogun Business Association Square(BBA), ASPAMDA Market, Lagos International Trade Fair, Badagry Road, in Lagos.
The Nigerian Insurers Association(NIA) represented its member companies at the event.
The campaign, scheduled to hold across different states of the country, including the FCT, is in collaboration with the National Insurance Commission (NAICOM), the Nigerian Insurers Association(NIA) and the Nigerian Council of Registered Insurance Brokers(NCRIB).
The NIA, represented by Mr Soji Oni, Controller Technical, explained risk management mechanisms for market risk improvement during the campaign.
Oni stated that businesses are faced with different risks or unforeseen circumstances, and the best risk treatment is insurance.
The NIA scribe noted that insurance is a key risk management tool for businesses, including stock-in-trade.
” For traders, we believe the right insurance product back up with risk improvement recommendations will be the cornerstone of their businesses success, providing them with the necessary security, peace of mind and confidence to navigate unexpected occurrence,”Oni said.
The UNDP aims to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF).
As part of UNDP’s plan, to achieve the focus of IRFF in Nigeria, the plan is to carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.
This is expected to go a long way in assisting traders, who are major contributors to the Nigeria economy, ensure stability and sustainability of their businesses and, by extension, their family through many generations.