The gates of strategic insurance development has been flung open in Nigeria as Malaysia accepts the request to avail to Nigeria insurance market the road map to the growth of takaful insurance and capacity building in insurance training programmes of the National Insurance Commission.
These are ingrained in the outcome of the visit of the High Commissioner of Malaysia, Mr. Aiyub Omar to the Abuja Headquarters of the National Insurance Commission on Thursday.
The Commissioner for Insurance Ayo Olusegun Omosehin said the Commission has Malaysia as its focus to achieve similar rapid growth in Takaful in Nigeria noting that the country’ rapid growth in takaful the past three decades was remarkable. He reiterated that their success would serve as Nigeria’s bench mark a rallying point, identify best practices, gain valuable insights, and adapt strategies that have proven success in similar markets.
The Commissioner said that knowledge sharing was important to help replicate successful models in Nigeria, as all sectors in the economy are primed to hit President Bola Tinubu’s vision of a $1 trillion economy. This goal, aimed to be accomplished within eight years, relies heavily on collaborations with foreign governments, including Malaysia.
Omosehin emphasised that though Nigeria scores low insurance penetration, the potential for growth and investment is substantial and the country could make progress in the Takaful insurance sector, this he noted show from from a single takaful company in 2013 it has expanded to six companies currently under the National Insurance Commission’s regulation.
The Malaysian High Commissioner’s attention was also briefed on the newly passed insurance bill by the Senate, which now awaits concurrence from the House of Representatives. This bill is expected to significantly boost capital in the insurance industry and create new investment opportunities. By enhancing the regulatory framework, the bill seeks to promote the growth and development of the insurance industry in Nigeria, ultimately contributing to the country’s economic growth.
Responding, the Malaysian High Commissioner uptick the reception by the National Insurance Commission and expressed his enthusiasm for collaboration in such areas as Takaful Insurance, emphasised the potential for bilateral agreements to drive growth in Nigeria’s insurance industry, particularly in the Takaful sector.
He pledged to create the platform Malaysian Takaful insurance companies and Nigerian stakeholders to exchange ideas for growth and and areas for further investment and cooperation. This partnership he added could leverage Malaysia’s experience in Takaful insurance, which has been a significant contributor to the country’s Islamic finance sector.
He also shared interest in capacity building for NAICOM staff, proposing a training program led by Malaysian resource personnel. This initiative aligns with NAICOM’s goals, which include strengthening supervisory capabilities, improving safety and soundness, and fostering innovation and sustainability in the Nigerian insurance industry. By collaborating with Malaysian experts, NAICOM can leverage international best practices to achieve these objectives.
In attendance were the Deputy Commissioner Technical, Mr. Usman Jankara, Deputy Commissioner Finance and Administration, Mr. Ekerete Ola Gam-Ikon the Director, Legal and Enforcement & Market Development, Dr. Talmis Usman and others.
