The leader of Nigeria's insurance brokers has issued a powerful call for greater unity within the sector, stating that collaboration is the key to unlocking immense value for the national economy.
A Vision for a Cohesive Insurance Industry
Speaking at the Nigerian Council of Registered Insurance Brokers (NCRIB) Members' Evening, the Council's President, Ekeoma Ezeibe, challenged operators to move beyond working in isolated silos. She argued that the industry must function as a single, coordinated force to effectively drive growth, foster innovation, and rebuild public trust.
Ezeibe pointed out the vast, yet largely untapped, potential of Nigeria's insurance market. She stressed the urgent need for "growth with purpose," a strategy that places customers at the forefront, empowers insurance brokers, and makes insurance products more relevant to the daily lives of Nigerians.
The Stark Reality and a Four-Pillar Plan
The NCRIB President highlighted a critical statistic: the insurance sector currently contributes less than one per cent to Nigeria's Gross Domestic Product, which is estimated at $477 billion. This figure, she said, underscores the significant room for expansion if all industry players can align around shared objectives.
To achieve this unified vision, Ezeibe outlined a strategy built on four foundational pillars:
- Capacity Building: Enhancing the skills and expertise of professionals within the sector.
- Industry Advocacy: Speaking with one voice to regulators and policymakers.
- Innovation and Technology: Leveraging digital tools to improve products and accessibility.
- Deeper Member Engagement: Ensuring all brokers are actively involved in the Council's mission.
Her administration, she added, plans to work closely with insurers, regulators, and other industry associations to create an enabling environment for sustainable growth.
Turning Challenges into Opportunities
While acknowledging persistent hurdles such as low insurance penetration, a deficit of public trust, and regulatory complexity, Ezeibe reframed these not as insurmountable barriers but as opportunities for collaboration and innovation.
She expressed strong confidence that with the right leadership and a collective commitment from all stakeholders, the Nigerian insurance industry can unlock its full potential and play a far more meaningful role in the nation's economic development.
The event, held on 22 December 2025, also featured remarks from Funmilayo Abimbola Omo, Managing Director of Prudential Zenith Life Insurance, the programme's sponsor. Omo affirmed that her company shares the NCRIB's vision for a stronger and more cohesive insurance industry.
