NCRIB urges FG to prioritise insurance as driver for $1trn economy

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6 days ago

The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged President Bola Ahmed Tinubu to prioritise insurance as a key driver in achieving a $1 trillion economy.

Executive Secretary of NCRIB, Mr Tope Adaramola made the call during an interview with newsmen in Lagos.

Mr. Adaramola said the insurance sector has vast potential to support economic growth, but deeper reforms and stronger government backing are essential to realise its full value.

He said, “Insurance is vital to national development. For the $1 trillion economy vision to materialise, insurance must be strategically positioned and meaningfully supported”.

The Executive Secretary of NCRIB described the passage of the Insurance Reform Bill by the House of Representatives as a significant milestone, noting that it now awaits presidential assent.

He said: “One of the most notable developments recently is the Insurance Reform Bill”, adding that

once signed into law, the bill will broaden insurance operations, enhance industry solvency, and deepen penetration across the country.

Furthermore, he noted the improved collaboration between the National Insurance Commission (NAICOM) and the Nigeria Police Force (NPF) on the enforcement of third-party motor insurance, stressing that the partnership has increased public compliance, and boost premium income within the sector.

He commended Tinubu’s administration for implementing the Group Life Insurance Scheme for workers and investing in key infrastructure, and highlighted projects such as the Lagos-Calabar Coastal Road and Sokoto-Badagry corridor as growth enablers for the insurance industry.

According to him: “Insurance prospers alongside development. Every new road, factory or public asset creates opportunities for coverage and risk management”.

However, he branded the Federal Government’s poor adoption of insurance for its own assets, “ethically inconsistent”, and said, “It is morally wrong for government to enforce insurance compliance when many of its assets remain uninsured. Leadership must begin by example”.

Adaramola called for the enforcement of other compulsory policies, like insurance for buildings under construction, with the same vigour as third-party motor insurance, noting that proper implementation of these policies would strengthen the sector and generate substantial revenue for national growth.

Adaramola said it is too early for a full assessment of the administration’s performance, but acknowledged visible progress in insurance-related areas.

He stated: “There have been improvements in infrastructure and reforms, but more focused action is needed to position insurance as an economic pillar”.

He advised the government to be more innovative and deliberate in supporting the sector by removing regulatory barriers and tapping into emerging areas like the blue economy.

“When the reform bill becomes law, it will unlock new opportunities for insurance and bolster its GDP contribution. The government must empower the industry to support itself and, in doing so, move closer to the $1 trillion economy target,” Adaramola said.