Olusegun Ayo Omosehin, Insurance Commissioner/CEO National Insurance Commission (NAICOM)
Commissioner for Insurance, Olusegun Omosehin, has said the insurance sector must move from a peripheral role to becoming a major growth engine to help meet the country's target of a $1 trillion economy.
The Commissioner disclosed this during his keynote address at the 8th Triennial Delegates Conference of the Independent Shareholders Association of Nigeria (ISAN) held in Lagos recently.
Omosehin, represented by Ajibola Bankole, Director of Inspectorate at the National Insurance Commission (NAICOM), focused on the role of insurance in national development, describing insurance as a key driver of confidence and investment stability.
“For Nigeria to achieve the $1 trillion target, the insurance sector must move from a peripheral role to becoming an engine of growth. The NIIRA 2025 Act is a major step in this direction,” he said.
Speaking further, he said NAICOM's reforms are aimed at promoting capital retention, reducing capital flight and creating a more transparent and competitive market. “The Commission wants to see greater collaboration between shareholders, insurers and regulators. Everyone, including ISAN, has a role to play in achieving this national goal,” he said.
The theme of the event was “Nigeria, Towards a $1 Trillion Economy by 2030,” and it discussed how the insurance, finance, technology and capital markets sectors can work together to drive Nigeria's economic growth.
ISAN National Coordinator Moses Igbrud reiterated the association's commitment in protecting shareholders and making companies more responsible.
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“We are here to engage meaningfully and contribute to shaping policies that will drive Nigeria’s economic development,” Moses said. He said ISAN will continue to emphasize fairness and transparency in the business environment.
Peggy Halliday, Compliance and Enforcement Manager, Nigerian Exchange Group (NGX Regco), reminded shareholders of their power to hold companies accountable.
“You have the power to ensure that your interests are protected in the capital markets. Continue to engage and demand transparency,” Peggy said.
He also said that NGX is working to make the market more open and investor-friendly, adding that education and inclusion are key to strengthening investor confidence.
The panel discussion included Ajibola Bankole, Williams Arimona, partner at Ernst & Young; Peggy from NGX; Martin Ikefi, COO of Computer Audit Control & Security Associates; and Chairman of the Noble Shareholders Solidarity Association, Matthew Akinlade. The session discussed practical steps needed to transform Nigeria into a trillion-dollar economy.
Williams spoke about the current economic situation of Nigeria, noting that the GDP is about $237 billion, which is mainly driven by the services sector. “To reach a trillion dollar economy, we need to rethink how we execute policies and fix issues like insecurity that scare away investors,” he said.
Peggy talked about simplifying financial processes and helping youth and women understand money management. “We have to build from the ground up. Financial education is the key to freedom,” he said. He said NGX has made it easier for new companies to list by cutting delays and simplifying rules.
Martin focused on cybersecurity as a foundation for development, warning that no economic goals can rest on vulnerable systems. He said, “If our systems are not secure, our trillion-dollar ambitions have a weak foundation. The technology must be trusted to be transformative.”
Speakers shared a central vision that progress will only come through collaboration, reform and shared responsibility, adding that a trillion dollar economy is within reach if everyone remains committed to discipline, innovation and openness.
