BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) has advocated for increased participation of young people in the insurance and pension industries to boost sector growth and maintain relevance in an increasingly dynamic economy.
The appeal was given by the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Omosehin, while addressing participants at the 10th Business Today annual Conference/ Exhibition held last week at Oriental hotel, Lagos.
He noted that the conference theme “Youth Advantage: Redefining Insurance and Pensions for a New Era.” highlighted the vital role youths must play in shaping the future of the industry.
He stated that Nigeria’s large youthful population offers both an opportunity and an obligation for stakeholders in the insurance and pension sectors.
“We are living in a time of profound transformation. Technology is changing the way we live and work, economies are advancing quickly, and expectations continue to evolve.
“At the centre of these changes are young people, not only as beneficiaries of tomorrow but as active contributors shaping it today.
“In our drive to deepen insurance and pension penetration, we must be intentional and strategic in how we engage, include, and empower this important segment of society,” he said.
Omosehin stressed the importance of using simpler and more relatable communication to attract young Nigerians.
According to him, highly technical language can discourage participation.
The NAICOM commissioner also pointed to ongoing reforms by the commission aimed at strengthening the industry through better consumer protection, greater transparency, and innovation.
“Our priority has been to improve consumer protection, strengthen market conduct, promote transparency and accountability, and encourage innovation across the sector.
These efforts go beyond regulation; they are focused on building trust,” he said.
However, Omosehin noted that regulation alone would not be enough to drive growth, emphasising the need for awareness and education, especially among young people making early financial decisions.
He appealed directly to the youth to secure their financial future by accepting insurance as a tool for safety and progress.
”You are not only the future of this industry; you are already a vital part of its present.
The choices you make today will define your future. I encourage you to ask questions, remain curious, seek knowledge, and take responsibility for your financial decisions.
Insurance is not merely a requirement; it is a tool for protection, stability, and growth.”
The President of the Chartered Insurance Institute of Nigeria (CIIN), Mrs. Yetunde Ilori, stated that the institute had introduced an initiative to offer free training to at least one million Nigerian youths.
Ilori explained that the initiative is being carried out in partnership with the Federal Ministry of Youth and industry regulators.
According to her, the programme is also supported by Sapita Consultants.
She said it was designed to equip young people with foundational knowledge and professional skills in insurance, while also serving as a pathway to professional certification.
Ilori encouraged students and young graduates to take full advantage of the initiative.
She added that CIIN’s College of Insurance and Financial Management offers accelerated programmes that provide exemptions in professional examinations.
She further noted that insurance remains a highly relevant profession that plays a key role in economic development.
While President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs. Ekeoma Ezeibe, lauded the publisher of BusinessToday for her role in advancing the insurance industry over the last ten years.
Ezeibe stated that the central vision of her administration is to promote “one insurance industry,” a vision that Business Today supports through the dissemination of insurance knowledge and promotion of sector growth.
She encouraged young people to collaborate with the council and take part in ongoing programmes designed to build capacity and broaden opportunities within the industry.
In the same vein, the immediate past President of NCRIB, Mr Babatunde Oguntade, noted that the industry has become well-capitalised and is firmly set on the path to success.
“Insurance is the new oil. The provisions of NIIRA 2025 have provided greater security and increased investor confidence. As youths, you should approach life with seriousness and take advantage of insurance.”
