Nigeria: NAICOM Initiates Plan to Integrate Insurance into National Credit Scheme

The National Insurance Commission (NAICOM) is spearheading efforts to incorporate insurance into the national credit scheme, according to Olusegun Omosehin, the Commissioner for Insurance.

President Bola Tinubu unveiled the initial phase of the Consumer Credit Scheme on April 21st, marking a significant step towards providing access to loans for essential purchases to working citizens.

While presently limited to government employees (civil servants), plans are underway to expand eligibility to a broader demographic in the future.

Omosehin shed light on the potential of embedding insurance within the national credit scheme during a meeting with 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 recent visit to NAICOM in Abuja.

In a statement issued by NAICOM, the visit aimed to explore collaborative opportunities to advance the diversification of Nigeria’s economy.

Omosehin underscored the pivotal role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders. He emphasized insurance’s significance in mobilizing savings for long-term developmental projects and fostering business growth while effectively managing risks.

Moreover, he reaffirmed NAICOM’s dedication to ensuring insurance companies fulfill their obligations, thereby contributing to the economy’s sustainability.

Engr. Sani Mohammed Baba stressed the importance of revenue generation, institutional expansion, and job creation for Nigerians through collaborative initiatives.

Acknowledging President Bola Ahmed Tinubu GCFR’s ambitious goal of achieving a $1 trillion Nigerian economy by 2026, Omosehin expressed the insurance sector’s commitment to significantly supporting this objective.

He emphasized the necessity for ongoing advocacy and awareness campaigns within government institutions to underscore the critical role of insurance in national economic development.