BY NKECHI NAECHE-ESEZOBOR—The National Insurance Commission (NAICOM) of Nigeria and Ghana’s National Insurance Commission (NIC) have reaffirmed their commitment to strengthening regional cooperation aimed at advancing insurance innovation and promoting sustainable economic growth across Africa.
Learn This was highlighted during a working visit by Ghana’s Commissioner for Insurance, Dr. Abiba Zakariah, to NAICOM headquarters in Abuja on Tuesday. The visit underscored the growing collaboration between the two regulatory institutions and their shared vision for a more integrated African insurance market.
Welcoming the Ghanaian delegation, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, emphasized the pivotal role of insurance in driving economic development and enhancing financial resilience across the continent.
According to him, achieving meaningful poverty reduction in Africa will remain a challenge without significantly increasing insurance penetration, noting that insurance provides critical protection against risks and supports inclusive economic growth.
“Insurance remains a key pillar of economic development. To effectively tackle poverty and build resilient economies across Africa, we must expand insurance coverage and deepen public confidence in the sector,” Omosehin said.
In her remarks, Dr. Zakariah expressed appreciation for the warm reception and reiterated Ghana’s commitment to fostering stronger partnerships among African insurance regulators.
She noted that enhanced collaboration would create opportunities for innovation, facilitate greater market access, and accelerate financial inclusion across the continent.
“Regional cooperation among insurance regulators is essential to unlocking the full potential of Africa’s insurance industry. By working together, we can promote innovation, strengthen regulatory frameworks, and expand access to insurance services for millions of Africans,” she stated.
Discussions during the visit focused on deepening cross-border regulatory cooperation, promoting the adoption of InsurTech solutions, and exploring initiatives that would support the growth and modernization of the insurance industry in both countries and across the region.
The engagement reflects the shared determination of Nigeria and Ghana to leverage innovation and regulatory collaboration to build a more resilient, inclusive, and integrated African insurance landscape capable of supporting long-term economic development.
The visit is expected to further strengthen ties between the two regulatory bodies and pave the way for enhanced cooperation in addressing common industry challenges and emerging opportunities within Africa’s evolving insurance ecosystem.
