The National Insurance Commission (NAICOM) has called on players in the insurance sector to consider expanding their operations beyond Nigerian borders.
In a recorded video message posted on its X handle, Commissioner for Information and Chief Executive Officer of NAICOM, Olusegun Omosehi, highlighted the significance of the African Continental Free Trade Area (AfCFTA), founded in 2018 with trade commencing on January 1, 2021.
The AfCFTA, created by the African Continental Free Trade Agreement among 54 of the 55 African Union nations, is the largest free trade area in the world in terms of the number of participating countries since the formation of the World Trade Organization.
Omosehin revealed that a Nigerian Insurance Committee on AfCFTA has been established to prepare the insurance sector to leverage the opportunities presented by the continental trade agreement.
“The AfCFTA committee encompasses every segment of the market: underwriting, brokering, and adjusting. It is dedicated to maximizing the opportunities created by AfCFTA,” he said.
Barrister Ekeoma Ezeibe chairs the committee, tasked with raising awareness within the Nigerian market to effectively capitalize on AfCFTA’s growth opportunities.
“We are fully committed to supporting this committee because we believe in the potential and capability of the Nigerian insurance sector to excel beyond our national borders. Let us innovate, grow, and prepare to develop beyond Nigeria’s shores. I have absolute confidence in Nigeria’s insurance sector to excel across the continent and beyond,” Omosehin stated, urging industry players to seize the opportunities presented by AfCFTA.
He highlighted that this partnership underscores their commitment to ensuring safer roads through regulatory oversight and enforcement capabilities.
The Nigeria Police began the nationwide enforcement of the third-party motor insurance policy on February 1, 2025, under the directive of Inspector General of Police, Kayode Egbetokun.