Insurance is the silent engine of a resilient economy — Uzoka-Anite

The Minister of State for Finance, Dr. Doris Uzoka-Anite, has reaffirmed that no sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector capable of driving stability, inclusion, and investor confidence.

Speaking at the 2025 Insurance Directors’ Conference in Lagos, themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” Uzoka-Anite described insurance as “the silent engine of a resilient economy.”

“Insurance is a stabilizer. It cushions the shocks that come with enterprise, sustains families when tragedy strikes, protects national assets, encourages entrepreneurship, and supports investor confidence,” she said.

According to the Minister, the Federal Government, under President Bola Tinubu’s leadership, has embarked on bold fiscal, monetary, and structural reforms designed to restore macroeconomic stability and place Nigeria on a sustainable growth trajectory.

She noted that these reforms offer both a challenge and an opportunity for the insurance sector to evolve.

“It challenges us to adapt — to embrace digital solutions, enhance regulation, and strengthen consumer confidence. But it also offers an opportunity to leapfrog outdated models and build a 21st-century insurance industry from the ground up,” she said.

Uzoka-Anite described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark initiative aligned with the government’s broader economic transformation agenda.

She noted that NIIRA 2025 represents more than a regulatory framework, describing it as a blueprint for building institutions that are robust, ethical, innovative, and responsive to the changing needs of Nigerians.

“Through NIIRA 2025, we are laying that foundation. The reforms 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,” she added.

The minister emphasised that Nigeria must accelerate its reform momentum to unlock the full potential of the insurance industry as a driver of GDP growth, long-term capital mobilization, and financial inclusion across both formal and informal sectors.

She urged insurance directors to take ownership of this transformation by embedding the principles of NIIRA 2025 into their corporate culture, prioritising transparency, solvency, and sustainability in governance practices.

“As board members and captains of institutions, you are the custodians of governance and stewards of strategy. Your decisions determine the sustainability and credibility of the insurance industry,” she said, adding that strong capital positions, sound risk frameworks, and ethical conduct remain essential for stability and trust.

Uzoka-Anite also called on operators to accelerate digital transformation, strengthen enterprise risk management systems, and expand insurance coverage to underserved populations, including farmers, artisans, transport workers, and micro-enterprises.

She disclosed that the government is strengthening capital market linkages to enable insurers to invest confidently in infrastructure and green finance.

Additionally, she said efforts are underway to review investment and solvency frameworks, promote inter-agency collaboration, and support InsurTech development through tax incentives and digital innovation platforms.

Commending the leadership of the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM), Uzoka-Anite praised their commitment to professionalism and reform execution.

In his remarks, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, described the 2025 Insurance Directors’ Conference as a vital platform for dialogue, accountability, and strategic foresight.

He noted that the enactment of NIIRA 2025 marks a pivotal milestone, providing a comprehensive blueprint for repositioning the sector as a key driver of economic growth and social protection.

Omosehin disclosed that NAICOM has commenced a recapitalization exercise for all insurance and reinsurance companies, in line with NIIRA 2025.

The process, which began following presidential assent on July 31, 2025, is expected to be completed by July 31, 2026.

He confirmed that companies submitted their recapitalization plans by the September 30 deadline, which the Commission has reviewed.

Official feedback to each firm will soon begin, he said, assuring operators of continuous guidance and collaboration throughout the exercise.

“NAICOM will maintain open communication and provide guidance throughout this process, with the cooperation and support of other regulatory agencies to ensure a seamless exercise,” Omosehin stated.