“Our collective goal is clear: to make insurance a pillar of Nigeria’s financial ecosystem – a sector that protects, empowers, and propels economic transformation.”
This clear goal was declared today by the Minister of State, Dr. Doris Uzoka-Anite, at the 2025 Insurance Directors’ Conference with the theme, Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth held at Marriot Hotel, Ikeja, Lagos, signaling a major panning of the economic dish of Federal Government to pick insurance and retain it and keep from now onwards.
Just to reinforce the commitment of government to this new found discovery that it’s not a fluke and henceforth a constant approach underlined by ‘policy consistency’ Dr Uzoka-Anite declared, “As government, we are conscious that policy consistency and collaboration with regulators are essential to sustain this progress. That is why we are ensuring that every reform undertaken by NAICOM is complemented by fiscal support, public awareness campaigns, and cross-sector partnerships.”
With government position already offered, the Minister of State for Finance, was not done, she reminds insurance operators that the measure of success is gauged by how much public trust they are able to generate. She keys it in, “A key measure of success for any insurance market is public trust. Without trust, even the most innovative products will fail to reach the people who need them.”
Emphasising that continuity should be the market watchword she cleared, “We must continue to build a system where consumers have confidence in our services through prompt claims payments, transparent operations, and responsive services. Directors and regulators alike must ensure that integrity and professionalism are non-negotiable values.”
Doubling down on government wrap rounds insurance as a mark of new embrace, the Minister cleared, “The Ministry of Finance supports NAICOM’s intensified efforts on claims settlement, market conduct supervision, data protection, and enforcement of compulsory insurance policies. These actions are not punitive; they are corrective – designed to protect both the consumer and the industry.”
Still walking on the affirm corridor, Uzoka-Anite stated that the reform being implemented by NAICOM are positioning Nigeria not just to catch up, but to lead – to become a model for regulatory innovation and sustainable market growth across Africa.
Content that progress has been recorded in financial sector reforms, the supervising Minister for insurance said, “In Nigeria, we have made steady progress, but we must accelerate our reform process, as the government envisions an insurance industry that contributes significantly to GDP, mobilises long-term capital for infrastructure, and expands protection to all segments of society – from corporate clients to the informal sector, from large cities to rural communities.”
