The Minister of State for Finance, Dr. Doris Uzoka-Anite, has underscored the central role of the insurance industry in driving the Federal Government’s economic transformation agenda, describing it as “the silent engine of a resilient economy.”
Speaking at the 2025 Insurance Directors’ Conference in Lagos on Wednesday, Uzoka-Anite said the sector must embrace innovation, transparency, and reform to achieve the objectives of the Nigeria Insurance Industry Reform Agenda (NIIRA 2025). This is the government’s new framework to reposition insurance as a catalyst for growth.
The event, themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” was organised by the College of Insurance and Financial Management and brought together key stakeholders across Nigeria’s financial ecosystem.
Uzoka-Anite stressed that no sustainable reform could succeed without a strong and credible insurance industry.
“Insurance cushions enterprise shocks, sustains families during crises, protects national assets, and boosts investor confidence,” she said. “Through NIIRA 2025, we are laying the foundation for a 21st-century insurance sector, transparent, digital, and globally competitive.”
She called on board members and directors to take ownership of the reform process, embedding good governance and digital innovation in their institutions.
“This is not the time for complacency,” she said. “Directors are custodians of governance and strategy. Your decisions determine the credibility and sustainability of the sector.”
Uzoka-Anite noted that the Tinubu administration envisions an insurance industry that significantly contributes to GDP growth, mobilises long-term capital for infrastructure, and extends protection to underserved Nigerians in both urban and rural areas.
She also highlighted ongoing policy alignment between the Ministry of Finance and the National Insurance Commission (NAICOM), which includes strengthening solvency frameworks, promoting InsurTech development, and fostering collaboration among financial regulators.
“The future of insurance lies in inclusion,” she added. “When it becomes accessible to all Nigerians, farmers, artisans, transport workers, and small enterprises, it will truly serve as a social and economic equaliser.”
Speaking earlier, NAICOM Commissioner and Chief Executive, Olusegun Omosehin, said the enactment of NIIRA 2025 marked a turning point for the industry, designed to modernise regulation, rebuild public trust, and recapitalise insurers for global competitiveness.
He explained that the Commission had completed its review of the recapitalisation plans submitted by insurance companies following the September 30, 2025 deadline. The exercise, he said, would “enhance the sector’s financial soundness and stability.”
“We will begin official communication with each company on the outcome of our review and provide guidance to ensure a smooth implementation,” Omosehin noted.
He further urged boards to embrace governance, ethics, and foresight as central to implementing NIIRA 2025.
“Good governance is not merely a regulatory expectation, it is a moral duty,” he said.
Both officials reaffirmed that the insurance industry would be pivotal to President Bola Tinubu’s target of achieving a $1 trillion economy by 2030, with insurance serving as both a financial shock absorber and a growth engine.
