By Feyisola Adeyeha
Senior policymakers, regulators, and industry leaders have called for urgent reform, innovation, and stronger collaboration within the Nigeria Insurance Sector.
They made the call at the Transformation Consultative Forum 2026 in Lagos, where stakeholders gathered to deliberate on practical ways to transform the sector.
The event, themed “Driving Collective Advocacy for the Transformation of Nigeria’s Insurance Industry,” was convened by EnterpriseNGR in collaboration with the Nigerian Insurers Association (NIA) and the Lagos Chamber of Commerce and Industry (LCCI).
Participants emphasized the need for coordinated reforms, stronger industry collaboration, and innovative approaches to expand insurance adoption and improve public confidence.
Speaking at the event the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru said the newly enacted Nigeria Insurance Industry Reform Act would modernise insurance laws and strengthen the sector.
According to him the real task is to move the insurance industry forward by implementing the legislation effectively through collaboration among industry players.
“We just passed the Nigeria Insurance Industry Reform Act, which has been signed into law by the president to enhance the operations of insurance in the country. The law is to modernise and improve all of the pieces of legislation that relate to the insurance industry.”
Mr. Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR, emphasised the importance of strengthening the insurance industry, stating that it is crucial for building a robust financial and professional sector that can drive economic growth.
He highlighted that Nigeria’s insurance penetration currently stands at just one per cent of GDP, which is significantly below global standards.
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