NAICOM, RMAFC explore ways of diversifying Nigeria’s economy

The National Insurance Commission (NAICOM) and Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have discussed avenues for collaboration to advance the diversification of the Nigerian economy.

The move was initiated when members of the Constitutional Committee on Mobilisation and Diversification of RMAFC, led by Sani Mohammed Baba paid a working visit to NAICOM

The Commissioner for Insurance/CEO, NAICOM, Mr Olusegun Ayo Omosehin and his management team that welcomed the members the RMAFC’s entourage said the primary agenda was to seek collaborative opportunities of advancing the country’s economic diversification.

In his opening remarks, Omosehin reaffirmed the role of the insurance sector regulator in supervising, regulating and safeguarding the interests of insurance policyholders.

He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

Omosehin also stressed NAICOM’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.

Sani Mohammed Baba of RMAFC emphasised the importance of revenue generation, institutional expansion and employment creation for Nigerians through collaborative efforts.

Omosehin also acknowledged President Bola Tinubu’s goal of growing the Nigerian economy to $1 trillion by 2026 and expressed the insurance sector’s intent to significantly contribute to the objective.

Also, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

Omosehin highlighted the need for continuous advocacy and sensitisation of government institutions about the vital role of insurance in national economic development.

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