UNDP Partners Regulator, Operators On Insurance Literacy

United Nations Development Programme (UNDP) has partnered with the National Insurance Commission(NAICOM) and the Nigerian Insurers Association (NIA) as well as the Nigerian Council of Registered Insurance Brokers(NCRIB) on increasing insurance literacy in the country.

NIA, on Tuesday, Feb. 4, 2025, 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 on Badagry road, in Lagos State.

The campaign, scheduled to be held across different states of the country, including the FCT, is in collaboration with NAICOM), NIA and NCRIB.

NIA, represented by controller technical, Soji Oni, explained risk management mechanisms for market risk improvement during the campaign, stating that businesses are faced with different risks or unforeseen circumstances, and the best risk treatment is insurance. The NIA scribe noted that insurance is a key risk management tool for businesses, including stock-in-trade.

“For traders, we believe the right insurance product backed 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 occurrences,”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, the plan is to carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.

This is expected to go a long way in assisting traders, who are major contributors to the Nigeria economy, ensure stability and sustainability of their businesses and, by extension, their family through many generations.