By NIyi Jacobs
A proposal to channel N300 million into establishing a dedicated radio station for the Nigerian insurance industry has sparked intense debate among experts and stakeholders. While the intention behind the proposal is to improve insurance awareness and education, many industry professionals are questioning its feasibility and effectiveness in the current media landscape.
Odion Aleobua, Convener of Insurance Meets Tech and Founder of Modion Communications, led the charge against the initiative, arguing that the creation of a single, isolated radio station would not effectively address the pressing challenges of the insurance sector. “The industry does not need another radio station. What we need is a comprehensive, integrated marketing communications (IMC) campaign that taps into a wide range of media platforms,” Aleobua remarked.
His concerns are rooted in the evolving media consumption habits of Nigerians. According to Statista, radio penetration in Nigeria stands at 65%, far lower than the 80%+ penetration of mobile phones and the internet.
Moreover, younger Nigerians, a key demographic for boosting insurance uptake, are increasingly turning to digital platforms, including social media, for information and entertainment.
Aleobua stressed that a successful marketing campaign would require a multi-platform approach—combining radio, TV, print, digital media, and experiential marketing. “Instead of a niche radio station, the industry should focus on a strategic, data-driven campaign that can reach Nigerians where they spend their time—on their phones, watching TV, or engaging online,” he said.
Other critics of the proposal argue that while the idea of a radio station may appeal to traditional media advocates, it overlooks the more diverse and dynamic needs of the insurance sector today. The consensus among these experts is that the N300 million could be better allocated to a robust IMC campaign, aimed at engaging audiences through a variety of channels, from social media campaigns and community outreach to influencer partnerships.
By adopting a more inclusive and innovative approach, critics argue, the insurance industry could better address the challenges of low awareness and trust while positioning itself for growth and greater penetration in Nigeria’s competitive market
