NAICOM targets long-term savings for economic growth

Insurance regulator, the National Insurance Commission (NAICOM) has emphasised its role of mobilising long-term savings to support economic growth.

Olusegun Ayo Omosehin, commissioner for Insurance/CEO of NAICOM gave the assurance when he welcomed the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Sani Mohammed Baba, during their working visit to the commission

Omosehin said the primary agenda of the visit was to explore collaborative opportunities to advance the diversification of the Nigerian economy.

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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.

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’s ambitious goal of growing the Nigerian economy to $1 trillion by 2026, expressing 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.

Omosehin also highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.