NAICOM, RMAFC strengthen ties on economic diversification

The National Insurance Commission, Naicom and the Revenue Mobilisation Allocation and Fiscal Commission, RMFC, have began moves to explore collaborative opportunities to advance the diversification of the Nigerian economy.

The Commissioner for Insurance and CEO of the National Insurance Commission, Naicom, 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, during their working visit to the Commission on Tuesday, 14th May, 2024.

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.

The CFI 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 also acknowledged President Bola Ahmed Tinubu GCFR’s 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.

On his part, Engr. Sani Mohammed Baba emphasised the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts.