The National Insurance Commission (NAICOM) has intensified its collaboration with the Federal Ministry of Interior in a strategic move to expand insurance coverage across Nigeria and increase the sector's economic contribution.
Strategic Meeting in Abuja
Commissioner for Insurance Olusegun Omosehin led a high-level NAICOM delegation on a working visit to Dr. Olubunmi Tunji-Ojo, the Minister of Interior, in Abuja on November 17, 2025. The meeting focused on developing concrete initiatives to drive insurance adoption and improve data sharing among government institutions.
During the discussions, Omosehin praised the minister's accomplishments at the Interior Ministry and reaffirmed NAICOM's advisory role to the government on insurance matters. He emphasized the commission's readiness to work closely with the ministry to foster innovation, promote compulsory insurance products, and enhance data synchronization across various agencies.
Minister's Response and Economic Vision
In his response, Minister Tunji-Ojo welcomed NAICOM's renewed efforts to rebuild public trust in the insurance industry. He stressed the critical need for insurance companies to improve service quality and develop modern solutions that address contemporary needs.
"You cannot grow an economy without growing your insurance sector," the minister declared, reinforcing his ministry's commitment to innovative policies that protect citizens while ensuring efficient use of government resources.
Key Outcomes and Cost-Saving Measures
One of the significant outcomes from the meeting was a proposal to address the escalating costs of repatriation, which currently amounts to billions of naira annually. Both agencies agreed to explore the implementation of travel insurance coverage for individuals entering Nigeria on short-stay visas.
This initiative is expected to substantially reduce government expenditure on repatriation while improving fiscal efficiency. The partnership represents a crucial step toward strengthening Nigeria's insurance framework and expanding protection for both citizens and visitors.
