The National Insurance Commission (NAICOM) has intensified its call for greater youth participation in Nigeria’s insurance and pension sectors, positioning young people as pivotal to the industries’ long-term sustainability and relevance. The appeal was delivered by the Commissioner for Insurance and Chief Executive Officer, Olusegun Omosehin, at the 10th Business Today Annual Conference in Lagos.
Represented by Julius Odede, Omosehin underscored the importance of the conference theme, “Youth Advantage: Redefining Insurance and Pensions for a New Era,” noting that Nigeria’s youthful demographic presents both a significant opportunity and a shared responsibility for industry stakeholders.
He highlighted the profound transformation currently reshaping the global economy, driven by rapid technological advancements, evolving financial ecosystems, and changing consumer expectations. Within this context, young people are no longer passive recipients of future benefits but active contributors influencing innovation and sectoral growth.
A key concern raised by Omosehin was the communication gap between the industry and younger audiences. He noted that overly complex and technical language often deters first-time participants, particularly those unfamiliar with financial planning. To address this, he urged industry players to adopt simplified, engaging, and relatable communication strategies aligned with the digital lifestyles of younger generations.
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Strengthening Trust Through Reform
NAICOM’s ongoing reform agenda remains central to its growth strategy. According to Omosehin, the commission has prioritised consumer protection, improved market conduct, and enhanced transparency and accountability across the sector. These reforms are designed not merely as regulatory measures but as critical tools for building public trust and fostering long-term engagement.
Nevertheless, he cautioned that regulatory frameworks alone cannot drive expansion. He stressed the need for intensified financial education and awareness campaigns, particularly targeting young Nigerians at the early stages of their financial journeys.
Encouraging personal responsibility, he urged young people to view insurance and pensions as essential mechanisms for financial security, stability, and wealth creation, rather than as obligatory or secondary considerations.
Innovation and Customer-Centric Transformation
Delivering the keynote address, Chiamaka Ugo-Obidike of MelvinAfrica highlighted the importance of embedding customer perspectives into product development. She argued that many financial solutions fail because they are designed without sufficient user input, resulting in products that do not adequately address real needs.
She advocated a shift towards customer-centric innovation, supported by robust data utilisation and seamless integration across financial services. Emphasising the importance of open finance, she called for unified platforms that allow users to access banking, insurance, pensions, and investment services within a single digital ecosystem.
Ugo-Obidike warned that failure to adapt to the expectations of a digitally savvy and youthful population could lead to declining relevance, as modern consumers increasingly demand convenience, speed, and cohesion in financial services.
Expanding Opportunities and Industry Engagement
Conference convener Nkechi Naeche-Ezezobor stated that the event was designed to ignite interest among young people while addressing persistent misconceptions about insurance and pensions. By exposing participants to career opportunities and industry insights, the initiative aims to reposition the sector as both dynamic and rewarding.
Echoing this sentiment, Ekeoma Ezeibe, President of the Nigerian Council of Registered Insurance Brokers (NCRIB), praised the conference’s contribution to industry development. She reaffirmed her administration’s vision of a unified insurance industry and encouraged youth engagement through capacity-building programmes and professional initiatives.
Legislative Backing and Skills Development
Addressing regulatory progress, Babatunde Oguntade highlighted the impact of the Nigerian Insurance Reform Act 2025, noting that it has strengthened capitalisation requirements and enhanced investor confidence. He described insurance as “the new oil,” emphasising its growing importance in Nigeria’s economic diversification.
Further reinforcing this momentum, Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), unveiled an ambitious initiative to provide free training for at least one million young Nigerians. Developed in partnership with the Federal Ministry of Youth and supported by Sapita Consultants, the programme seeks to equip participants with essential industry knowledge and create pathways towards professional certification.
Key Stakeholders and Their Contributions
| Stakeholder / Organisation | Key Contribution | Impact on Youth |
|---|---|---|
| NAICOM | Regulatory reforms, awareness campaigns | Enhances trust and accessibility |
| MelvinAfrica | Customer-focused innovation advocacy | Promotes user-driven product design |
| NCRIB | Professional development programmes | Expands career pathways |
| CIIN | Large-scale free training initiative | Builds skills and certification access |
| NIIRA 2025 | Legislative reform framework | Strengthens investor confidence |
As Nigeria continues to navigate a rapidly digitising and evolving economic landscape, industry leaders are united in recognising that youth inclusion is indispensable. By aligning regulatory reform, technological innovation, and educational initiatives with the aspirations of younger generations, the insurance and pension sectors are well positioned to achieve sustained growth, deepen market penetration, and secure long-term resilience.