The National Association of Nigerian Students (NANS) has expressed support for the ongoing recapitalisation of Nigeria's insurance industry, describing it as a critical step towards strengthening the sector and supporting the country's economic development. NANS President, Comrade Akinteye Babatunde Afeez, commended President Bola Ahmed Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which aims to modernise the regulatory framework of the industry. The legislation has created opportunities for students and young Nigerians in financial inclusion, entrepreneurship, employment, and professional development.
Afeez stated that the insurance sector is strategically important to Nigeria's economic transformation, particularly in protecting investments, supporting businesses, and promoting financial inclusion. He commended the leadership of the National Insurance Commission (NAICOM) under the Commissioner for Insurance, Mr Olusegun Ayo Omosehin, and its Governing Board chaired by Hajia Halima Kyari, for implementing reforms aimed at strengthening the industry. NANS said the recapitalisation exercise should be viewed beyond a regulatory requirement, arguing that stronger capital bases would improve the capacity of insurance companies to meet legitimate claims and support large-scale economic activities.
The NANS President urged Nigerians to reject misinformation and sensational allegations capable of weakening institutions and derailing reforms in the insurance sector. He expressed concern over calls for the removal of the NAICOM leadership, saying such campaigns could undermine ongoing reforms. The student body said it had reviewed publicly available information on NAICOM's operations and reforms and found no credible basis for the allegations being promoted against the commission.
NANS commended NAICOM's emphasis on prompt settlement of genuine claims and its consumer-protection measures, saying these were important to rebuilding public confidence in insurance. The association also applauded the Insurance Policyholders Protection Fund established under the NIIRA 2025, urging the commission to intensify public awareness so that policyholders, including young Nigerians, understand the protections available to them.
Afeez commended NAICOM's support for tertiary education through the Insurance Education Fund and related interventions, which have contributed to the provision of ICT centres, laboratories, and other academic facilities in tertiary institutions. The association pledged to mobilise students for insurance awareness and financial literacy initiatives, promote insurance as a career pathway for graduates, and encourage participation in youth-focused insurance development programmes.
The NANS President called on the Federal Government, National Assembly, industry stakeholders, the media, and Nigerians to support reforms aimed at strengthening the insurance industry, arguing that a stronger insurance sector would help unlock investment, create employment, enhance financial security, and contribute to economic stability. NANS maintained that it would continue to support reforms that promote consumer protection, transparency, accountability, and institutional development in the insurance industry.
NANS recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of the Federal Government under President Bola Ahmed Tinubu, for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration. The association said it would continue to support the implementation of far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.
Key points
- NANS supports Nigeria's insurance recapitalisation to strengthen the sector and support economic development.
- The association warns against attempts to undermine reforms and discredit the leadership of NAICOM.
- NANS commends NAICOM's reforms, including emphasis on prompt settlement of claims and consumer-protection measures.
