The need to open the vast benefits of insurance has led to a joint venture between the The Honourable Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande and the National Insurance Commission and it was brought to the fore at the courtesy visit to the Commissioner for Insurance Mr. Olorundare Sunday Thomas on 16th February, 2024.
During the visit, discussion on the potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development was clear with salient position on youth insurance module the details were not however provided.
The Commissioner for Insurance in his remark welcomed the Hon. Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
The Honourable Minister for State, Mr. Ayodele Olawande in his remark thanked the NAICOM Management for the warm reception. He expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills. He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.
He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.
The CFI promised to convey the Honourable Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.
