UNDP partners NIA, NCRIB, NAICOM on consumer protection, insurance literacy

Stakeholders in the insurance sector have resolved to collaborate by ensuring inclusive insurance literacy flows into the nooks and crannies of the country through enlightenment that would bring many people into the safety net of insurance.

This was disclosed when the United Nations Development Programme (UNDP) rolled out its collaborative programme aimed to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF).

Among the frontline actors was the Nigerian Insurers Association (NIA) that represented its member companies at the 2025 UNDP Insurance Literacy and Consumer Protection Campaign held at the Balogun Business Association Square (BBA), ASPAMDA Market, Lagos International Trade Fair, Badagry Road, in Lagos.

The campaign, scheduled to hold across different states of the federation, including the FCT, is in collaboration with the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB).

Mr. Soji Oni, Controller Technical, who represented NIA, explained the risk management mechanisms for market risk improvement during the campaign, pointing out that businesses are faced with different risks or unforeseen circumstances, and the best risk treatment is insurance.

The NIA noted that insurance is a key risk management tool for businesses, including stock-in-trade.

“For traders, we believe the right insurance product back up with risk improvement recommendations will be the cornerstone of their businesses success, providing them with the necessary security, peace of mind and confidence to navigate unexpected occurrence,” Oni said.

The UNDP aims to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF).

As part of UNDP’s plan, to achieve the focus of IRFF in Nigeria, it would carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.

This will help to assist traders, who are major contributors to the Nigerian economy, to ensure the stability and sustainability of their businesses.

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