The National Insurance Commission (NAICOM) on Thursday launched the Insurance Sector Strengthening Programme (ISSP), a 36–60-month initiative aimed at deepening insurance penetration, rebuilding public trust and deepening insurance cover for women, youths and Micro, Small and Medium Enterprises (MSMEs) nationwide.
The management of the commission stated that the programme was designed to complement the Nigeria Insurance Industry Reform Agenda (NIIRA) 2025 by translating regulatory reforms into measurable market outcomes and positioning insurance as a stronger instrument for economic resilience, social protection and national development.
The ISSP proposal puts Nigeria’s insurance penetration at about 0.5 per cent of GDP, compared with an African average of 3.2 per cent, and estimates that only about five per cent of the country’s 220 million population is covered by insurance.
The programme also identified inadequate insurance knowledge, gender and youth gaps, limited MSME coverage, fragmented distribution, inadequate professional capacity, weak innovation and a persistent trust deficit as major constraints to sector growth.
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Under its six-pillar framework, the programme proposes regulatory and policy advocacy, nationwide insurance literacy campaigns, professional training, greater participation of women, youth-focused digital insurance and Insurtech opportunities, as well as connecting MSMEs to appropriate insurance solutions.
The programme’s targets include reaching five million members of the general population, two million women entrepreneurs and decision-makers, 1.5 million young people aged 18–35, 250,000 MSMEs and 6,000 insurance professionals across all 36 states and the Federal Capital Territory.
The proposal initially sets a target of raising insurance penetration from 0.5 per cent to 1.5 per cent of GDP by 2028, alongside creating five million new policyholders, achieving 40 per cent female participation and securing a 30 per cent youth share of insurance customers.
Speaking at the launching of the ISSP, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, said the initiative marked an important moment for the Nigerian insurance industry, stressing that the sector needed to move from reform intentions to measurable impact.
The insurance expert said the ISSP would provide a structured platform for regulators, insurers, intermediaries, technology providers, development partners and consumers to work together to address longstanding challenges confronting the industry.
Omosehin identified low insurance penetration, limited public understanding, inadequate coverage of women, youths and MSMEs, fragmented distribution channels, capacity gaps and a persistent trust deficit as some of the issues limiting the sector’s penetration and contribution to the nation’s growth.
According to him, the challenges should not merely be viewed as obstacles but as opportunities for innovation, stronger industry coordination and deeper stakeholder engagement.
The NAICOM boss said the programme would focus on six key pillars, namely advocacy and policy; awareness and education; capacity building; gender inclusion; youth engagement; and MSME and value-chain development.
On human capital roles in the implementation of the new programme, the industry expert said the competitiveness of the industry would increasingly depend on the quality and capacity of its professionals, particularly as technology and customer expectations continue to evolve.
He said the programme’s capacity-building component would strengthen technical expertise, professionalism and performance across the insurance value chain.
The Commissioner, who also pointed out that extending insurance coverage to more women and young people remained critical to the industry’s future growth, added that bringing these groups into the mainstream of insurance through tailored products, innovative engagement and career development opportunities would expand the market and improve the sector’s relevance.
Omosehin, who also identified MSMEs as a critical segment requiring greater insurance protection, stressed that “expanding insurance access for this segment will promote business resilience, economic stability, and long-term enterprise growth.”
He maintained that while NAICOM would continue to support innovation, operators must adhere strictly to prudential standards, ethical conduct, fair treatment of customers and prompt settlement of genuine claims.
Photo Caption
L-R: Mr. Victor Inedu, Special Assistant to the Chairman, Senate Committee on Banking, Insurance and other financial institutions; Mrs. Funmike Soji-Nuga, rep of Canadian High Commission; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and CEO of National Insurance Commission (NAICOM); Dr. Kola Adesina, GMD Sahara Energy Group; Mrs. Bukola Ifemade (ISSP Coordinator); Mrs. Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB); and Mr. Ekerete Ola Gam-Ikon, NAICOM’s Deputy Commissioner, Finance and Administration; during the launching of the ISSP on Thursday in Abuja
