The Federal Government has initiated a strategy to provide financial protection for millions of Nigerians who are currently without insurance coverage.
The initiative, which marks the first major implementation phase of the recently signed Aso Accord, brings together the nation’s top financial and insurance regulators in a collaboration to transform Nigeria’s insurance landscape.
Speaking at a roundtable meeting on Tuesday, Deputy Chief of Staff to the President (Office of the Vice President), Ibrahim Hassan Hadejia, said outcomes of the roundtable will be presented to the National Economic Council (NEC).
Hadejia explained that financial inclusion through insurance is an economic imperative, saying, “We cannot build a resilient economy while leaving millions of our citizens financially exposed.”
Deputy Commissioner Technical at the National Insurance Commission (NAICOM), Dr. Jankara Usman, outlined the transformative potentials of the initiative for Nigeria.
Dr Usman quoted a World Bank data that paints a stark picture of financial vulnerability in the region, revealing that only two out of five adults in sub-Saharan Africa can raise $35 within 30 days.
Technical Advisor to the President on Economic and Financial Inclusion, Nurudeen Zauro, said the meeting demonstrates the commitment of President Bola Ahmed Tinubu’s administration to the insurance sector.
He explained that the government has established a monitoring framework to ensure effective implementation of the decisions made during the roundtable, with a specific focus on forming specialised committees for financial control, developing risk management programmes for smallholder farmers.
The roundtable produced several innovative proposals aimed at expanding insurance access, including enabling insurance purchases through mobile phone airtime, development of specialised micro-insurance products for low-income segments, integration of blockchain technology for insurance delivery and creation of digital platforms specifically for agricultural insurance coverage.
(Editor: Ken Eseni)
