NAICOM, RMAFC partners to promote diversification of Nigerian economy

Mariam Abeeb

The National Insurance Commission(NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission(RMAFC) are partnering to explore collaborative opportunities to advance the diversification of the Nigerian economy.
This was made known when NAICOM Commissioner for Insurance/CEO, Mr. Olusegun Ayo Omosehin, and his management team welcomed the members of the Constitutional Committee on “Mobilisation and Diversification” of the Revenue Mobilisation Allocation and Fiscal Commission, led by Engr. Sani Mohammed Baba, on their working visit to the Commission recently.
Mr. Olusegun Ayo Omosehin, in his opening remarks, reaffirmed the critical role of the insurance sector regulator in supervising, regulating, and safeguarding the interests of insurance policyholders.
He highlighted insurance’s pivotal role in mobilising savings for long-term developmental projects and enabling businesses to thrive while managing risks effectively.
He also stressed the Commission’s commitment to ensuring insurance companies meet their obligations, thus contributing to the sustainability of the economy.
The Commissioner for Insurance further acknowledged President Bola Tinubu ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026.
He expressed the insurance sector’s intent to significantly contribute to this objective.
Additionally, he mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.
IMr. Omosehin also harped on the need for continuous advocacy and sensitization of government institutions about the vital role of insurance in national economic development.
Engr. Sani Mohammed Babaon his part emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.