Happening for the first time, the National Insurance Commission and Insurance Sector Strengthening Programme are pooling their resources to create an insurance baston that will make the Nigerian insurance market a learning curve for other markets particularly in Africa.
NAICOM, ISSP, Partners and industry operators and stakeholders have committed themselves to a 36 – 60 month transformative initiative designed to strengthen Nigeria’s insurance industry through advocacy, awareness, capacity building and inclusive growth.
At the launch of ISSP in Abuja, Thursday September, 2026, the Commissioner For Insurance Olusegun Omosehin, said the event is signature demonstration from intention to action, when vision must be translated into measurable impact.
Holding firm to its mandate to protect policyholders, preserve market stability, enforce sound market conduct, and promote the orderly growth of the industry, Omosehin said, “Sustainable growth cannot be achieved by regulation alone, but growth without discipline, transparency, and accountability cannot serve the public interest. It requires collaboration, innovation, consumer confidence, professional competence, and a shared commitment to deepening insurance penetration across every segment of society.”
The CFI said the launch has come at the right time because, “Despite Nigeria’s large and growing economy, insurance penetration remains significantly below its potential. Many citizens remain uninsured or underinsured, public understanding of insurance products and benefits is still limited, and opportunities among women, youth, and small businesses are not yet fully harnessed. Issues of trust, capacity gaps, and fragmented distribution channels also continue to constrain industrial growth.”
He said these challenges should not be viewed ‘merely as obstacles,’ “Rather they point to the need for innovative solutions, stronger industry coordination, and deeper stakeholder engagement to unlock the enormous potential of Nigeria;s insurance market.”
Adding to that, Omosehin said ISSP provides a structured and strategic response to these priorities. “Built around six critical pillars – advocacy and policy, awareness and education, capacity building, gender inclusion, youth engagement, and MSME and value chain development – it offers a comprehensive framework for advancing the growth and sustainability of the insurance sector.”
In her welcome speech the managing director, EMDI Capacity Development Limited, Bukola Ifemade, said, “ISSP responds to the urgent need to deepen insurance penetration, expand access for women, youth and MSMEs, strengthen professional capacity, encourage innovation and improve the contribution of insurance to Nigeria’s economic resilience.
Also cardinal Bukola said is the programme commitment to raise insurance-to-GDP ratio from 0.5% – 10% by 2031, and this would be done by reaching millions of Nigerians with insurance literacy and financial education, strengthening professional capacity and connecting underserved businesses and communities to relevant insurance solutions.”
She reiterated that ISSP has shared commitment to building a stronger , more inclusive and more innovative insurance ecosystem through the aforementioned six pillars.
“The ISSP brings together government, regulators, insurance practitioners, businesses, development partners, innovators and communities around a shared agenda for sector transformation,” she cleared.
Featured Picture: From left: Mr. Victor Inedu, Special Assistant to the Chairman, Senate Committee on Banking, Insurance and other financial institutions: Mrs. Funmike Soji-Nuga, rep of Canadian High Commission:Mr. Olusegun Ayo Omosehin, CFI: Dr. Kola Adesina, GMD Sahara Energy Group: Mrs. Bukola Ifemade (ISSP Coordinator): Mrs. Ekeoma Ezeibe, President of NCRIB: Mr. Ekerete Ola Gam-Ikon, DCFA
