The National Insurance Commission (NAICOM) has emphasized the importance of long-term financial planning and risk management in ensuring a stable and secure retirement.
Speaking at the 2025 edition of the Inspenonline Retirement Summit in Lagos, NAICOM Chief Executive Officer, Olusegun Omosehin, highlighted the need for proactive retirement savings and investment strategies.
Represented by Julius Odidi, Lagos Director of NAICOM, Omosehin stressed that individuals must prioritize long-term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts.
“The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. These economic headwinds are not merely statistics; they represent the lived experiences of millions of our citizens.
“As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience,” Omosehin stated.
Policy Reforms and Strategic Financial Solutions
Omosehin pointed out that effective retirement planning must be rooted in financial protection and risk management, with tools such as annuities, life insurance, and structured retirement savings plans playing a crucial role in long-term stability.
“Products such as annuities, life insurance, and retirement savings plans are not just financial instruments; they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population,” he added.
To navigate economic uncertainties, Omosehin emphasized the need for policy alignment across the insurance, pension, and financial sectors, ensuring that regulations are long-term focused rather than short-term reactive.
He also advocated for greater financial literacy and consumer empowerment, particularly among informal sector workers, who often lack access to structured retirement plans.
Industry Collaboration and Pension Compliance
Calling for closer collaboration between insurers, regulators, and policymakers, Omosehin urged stakeholders to develop innovative and inclusive retirement products, leveraging micro-insurance and digital platforms to expand coverage.
“We must ensure our policies across the insurance, pension, and financial sectors are not working at cross purposes. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains,” he said.
- Also speaking at the summit, Nigeria Labour Congress (NLC) Lagos Chapter Chairperson, Funmi Sesi, urged all levels of government to enforce full compliance with the Contributory Pension Scheme (CPS), noting that only six states currently adhere to the policy.
- She stressed the importance of prompt gratuity payments to retirees, warning that delays could lead to financial instability.
- Chuks Okonta, Publisher of Inspenonline and organizer of the Retirement Summit, emphasized the need to reshape perceptions around retirement planning, advocating for early preparation to ensure financial independence.
“We want to change this perception. Our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty,” Okonta stated.
What you should know
- At the event, Stanbic IBTC Insurance Managing Director, Akinjide Orimolade, introduced the Sunset Benefit Plan, a new insurance product aimed at helping individuals proactively prepare for retirement.
- With NAICOM reinforcing its commitment to improving insurance penetration and retirement security, the summit emphasized the urgent need for regulatory reforms, consumer awareness, and innovative financial solutions to address the evolving challenges faced by retirees.
