The House of Representatives Committee on Insurance and Actuarial Matters, in partnership with NAICOM, concluded a historic stakeholders’ retreat in Maiduguri, Borno State, aimed at advancing the implementation of the Nigerian Insurance Industry Reform Act, 2025.
The retreat, themed “Navigating the New Era of Insurance Regulation”, brought together regulators, industry operators, and other stakeholders to deliberate on strategies for modernizing the sector. Participants highlighted the importance of public awareness, emphasizing that Nigerians must understand insurance as a tool for financial protection and economic development.
A key outcome of the retreat was the agreement that collaboration between regulators and industry players is essential to successfully roll out the reforms. Stakeholders stressed the need for coordinated action to strengthen market confidence, improve compliance, and expand access to insurance services nationwide.
The discussions also underscored the role of insurance in driving economic growth, particularly by supporting critical sectors such as agriculture, housing, and small businesses. Experts noted that the Reform Act is only the beginning of a transformative journey, with continuous monitoring and evaluation required to ensure tangible benefits reach the public.
Officials described the retreat as a platform for strategy, engagement, and consensus-building, reinforcing the government’s commitment to a modern, transparent, and inclusive insurance sector. Stakeholders left Maiduguri with a shared vision: a resilient insurance industry capable of supporting Nigeria’s long-term economic aspirations.
