NAICOM, Youth Development Ministry, NOA to partner on skill acquisition, re-orientation on insurance

The Commissioner for Insurance/CEO National Insurance Commission (NAICOM), Mr. Olorundare Sunday Thomas, has pledged his readiness to collaborate with the Federal Ministry of Youth Development on skills acquisition.

Mr. Thomas gave the commitment when the Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande, paid a courtesy visit to the Commissioner for Insurance (CFI) in Abuja, last week.

Mr. Olawande told the CFI that the purpose of the visit was to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

The CFI in his remarks, welcomed the Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The Minister for State, Mr. Olawande thanked the NAICOM Management for the warm reception, and expressed desire of the Ministry to collaborate with NAICOM in engaging the Nigerian youths formally and informally to develop their skills.

He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youths could learn vocational and digital skills.

Mr. Olawande requested to collaborate with NAICOM in building insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise the youths on the benefits of insurances.

The CFI promised to convey the Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian insurance industry.

In a similar vein, the Commissioner for Insurance/ Chief Executive Officer of the National Insurance Commission (NAICOM) Mr. Olorundare Sunday Thomas paid a courtesy visit on the Director General of the National Orientation Agency (NOA), Mallam Lanre Issa-Onilu to explore ways of collaborating to give Nigerians the right orientation with regards to Insurance by leveraging their strategic networks/reach-out to Nigerians on the benefits of insurance.

In his remark, the DG NOA enjoined NAICOM to leverage on its structure, reach, platforms as well as understanding of the locality where they have presence, and promised to work closely with NAICOM.

In addition, he gave a personal testimony of how his private car was stolen in 2007 but the claim was promptly settled by his insurance company and requested for the development of the terms for the collaboration.