The National Insurance Commission (NAICOM) has called on players in the insurance sector to consider expanding their operations beyond Nigerian borders.
In a recorded video message posted on its X handle, Commissioner for Information and Chief Executive Officer of NAICOM, Olusegun Omosehi, highlighted the significance of the African Continental Free Trade Area (AfCFTA), founded in 2018 with trade commencing on January 1, 2021.
The AfCFTA, created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations, is the largest free trade area in the world in terms of the number of participating countries since the formation of the World Trade Organization.
Omosehin revealed that a Nigerian Insurance Committee on AfCFTA has been established to prepare the insurance sector to leverage the opportunities presented by the continental trade agreement.
Maximizing opportunities
“The AfCFTA committee encompasses every segment of the market: underwriting, brokering, and adjusting. It is dedicated to maximizing the opportunities created by AfCFTA,” he said.
Barrister Ekeoma Ezeibe chairs the committee, tasked with raising awareness within the Nigerian market to effectively capitalize on AfCFTA’s growth opportunities.
“We are fully committed to supporting this committee because we believe in the potential and capability of the Nigerian insurance sector to excel beyond our national borders. Let us innovate, grow, and prepare to develop beyond Nigeria’s shores. I have absolute confidence in Nigeria’s insurance sector to excel across the continent and beyond,” Omosehin stated, urging industry players to seize the opportunities presented by AfCFTA.
What you should know
- NAICOM has recently partnered with multiple government agencies, including the police, Fire Service, Federal Road Safety Corps (FRSC), and Nigerian Electricity Management Services Agency, to enhance insurance penetration and awareness in Nigeria.
- Earlier in February, NAICOM and the FRSC formed a partnership to ensure compliance with mandatory third-party vehicle insurance in Nigeria. This collaboration aims to improve road safety and protect motorists and third parties by enforcing existing insurance regulations.
- At a joint press conference held in Abuja, Olusegun Omosehin emphasized that extensive discussions had taken place on enhancing road safety measures and enforcing compliance with compulsory third-party motor insurance policies.
He highlighted that this partnership underscores their commitment to ensuring safer roads through regulatory oversight and enforcement capabilities.
The Nigeria Police began the nationwide enforcement of the third-party motor insurance policy on February 1, 2025, under the directive of Inspector General of Police, Kayode Egbetokun.
