The National Insurance Commission is taking steps to embed insurance within the national credit scheme, Olusegun Omosehin, the Commissioner for Insurance, has said.
President Bola Tinubu launched the first phase of the Consumer Credit Scheme on April 21st.
The program allows working citizens to access loans for important purchases.
Although currently, only working people with government jobs (civil servants) can apply. But in the future, more people will be able to join the program.
The NAICOM Boss, hinted on the efficacy of embedded insurance scheme in the national credit scheme, when his management team welcomed members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, during their working visit to NAICOM on Tuesday, this week in Abuja.
A statement by NAICOM stated that the primary agenda of the visit was to explore collaborative opportunities to advance the diversification of the Nigerian economy.
Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
He highlighted 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.
Engr. Sani Mohammed Baba, who led the official visit, 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 GCFR’s ambitious goal of growing the Nigerian economy $1 trillion by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective.
Omosehin highlighted the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
