EnterpriseNGR has intensified efforts to reposition Nigeria’s insurance industry as a key driver of economic growth.
The advocacy organisation did this at the ‘Insurance Sector Transformation Consultative Forum 2026’ which was held in Lagos.
Senior policymakers, regulators and industry leaders examined the structural barriers limiting the growth of the insurance industry and developed strategies for reforms, innovation and stronger collaboration across the ecosystem.
Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR, said transforming the insurance industry is critical to strengthening Nigeria’s financial system and unlocking long-term investment capital.
He noted that insurance penetration in Nigeria remains below one per cent of GDP, far below global averages.
According to him, increasing penetration to about three percent could potentially triple the size of the industry and create significant value for the Nigerian economy.
“Countries that have successfully transitioned from emerging to advanced economies have done so on the strength of vibrant financial and professional services sectors,” Aig-Imoukhuede said.
Tokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, said the recently passed insurance legislation provides a solid framework for modernising the sector.
He urged stakeholders to focus on implementing the provisions of the new law through stronger collaboration among regulators, operators and other industry players.
Olusegun Omosehin, Commissioner for Insurance and Chief Executive Officer of National Insurance Commission, described the Forum as a timely platform for accelerating reforms as Nigeria pursues its ambition of building a $1 trillion economy.
He stressed that no country can achieve sustainable economic growth without a resilient insurance sector that helps manage risks and support investment.
Bola Odukale, Director-General of the Nigerian Insurers Association, said collaboration across the industry would be essential to translating reform ambitions into measurable outcomes.
According to her, engagement among stakeholders across the financial services ecosystem will help deepen insurance penetration and improve value delivered to policyholders.
Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria, also highlighted the need to strengthen professional standards, ethics and industry capacity to rebuild consumer trust.
Participants at the Forum discussed five major themes considered critical for unlocking the full potential of Nigeria’s insurance sector.
These include building consumer trust and expanding insurance penetration, innovation, technology and digital transformation.
Regulation, policy and the enabling environment, human capital, skills and professional standards, investment, growth and economic contribution
Stakeholders called for stronger enforcement of compulsory insurance policies, improved digital regulatory supervision, clearer regulatory timelines and deeper collaboration among regulatory agencies.
While speaking on the next steps, Obi Ibekwe, Chief Executive Officer of EnterpriseNGR, said outcomes from the forum would guide ongoing engagement with policymakers and industry stakeholders.
He noted that EnterpriseNGR would continue working closely with regulators and operators to translate the recommendations from the forum into concrete reforms that will strengthen Nigeria’s insurance sector and expand its contribution to economic growth.
Folake Balogun
Folake Balogun is a tech journalist covering Africa’s fast-growing digital economy with a strong focus on incisive analysis of startup trends, venture capital, and fintech innovation, while also exploring emerging technologies such as artificial intelligence and the future of connectivity by highlighting their economic and social impact.
