The National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) are exploring collaborative opportunities to advance the diversification of the Nigerian economy.
This was the primary agenda the Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team welcomed the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during their working visit to the National Insurance Commission on Tuesday, 14th May, 2024. In the featured picture from left, Engr. Mohammed Sani Baba (RMAFC Commissioner Rep Bauchi State); Commissioner for Insurance/CEO Mr. Olusegun Ayo Omosehin and Alh. Abubakar Sadiq A. Gusau (RMAFC Commissioner Rep Zamfara State)
Mr. Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. Besides, 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.
Engr. 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 ambitious goal of growing the Nigerian economy to One Trillion ($1 trillion) by 2026. He expressed 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.
In closing, Mr. Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
