NAICOM, Revenue Commission Partner To Explore Nigeria’s Economic Diversification

The National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission are partnering to explore collaborative opportunities to advance the diversification of the Nigerian economy.

To this end, commissioner for Insurance/CEO, NAICOM, Olusegun Omosehin, and his management team welcomed the members of the Constitutional Committee on ‘Mobilisation and Diversification’ of the Revenue Mobilisation Allocation and Fiscal Commission, led by Sani Mohammed Baba, during their working visit to the NAICOM on Tuesday.

Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders, highlighting insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.

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

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

The commissioner for Insurance also acknowledged President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to $1trillion by 2026, while expressing the insurance sector’s intent to significantly contribute to this objective. Additionally, he mentioned ongoing efforts to evolve 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.