Lagos, Nigeria
The Honourable Minister of State for Finance, Dr. Doris Uzoka-Anite, has urged directors and leaders in Nigeria’s insurance industry to embrace innovation, ethical governance, and digital transformation as key drivers of sustainable growth under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Delivering the keynote address at the 2025 Insurance Directors’ Conference held at the Marriott Hotel, Ikeja, Dr. Uzoka-Anite commended the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM) for providing a platform that continues to shape the direction of the insurance sector in Nigeria.
Insurance as a Pillar of Economic Stability
Dr. Uzoka-Anite described insurance as “the silent engine of a resilient economy,” noting that the Federal Government’s ongoing macroeconomic reforms under President Bola Ahmed Tinubu’s Renewed Hope Agenda require a robust and credible insurance sector to sustain enterprise, protect assets, and boost investor confidence.
She emphasized that “no sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector.”
NIIRA 2025: A Framework for Transformation
Highlighting the significance of NIIRA 2025, the Minister explained that the reform framework aligns the insurance sector with national economic transformation goals. The Act, she said, represents “a fundamental shift towards building institutions that are robust, ethical, innovative, and responsive to the evolving needs of Nigerians.”
She encouraged directors to embed compliance, transparency, and innovation into their organizational culture and to adopt technology-driven operations through digitalization, AI, and data analytics to enhance customer experience and operational efficiency.
Government Commitment and Policy Synergy
Reaffirming the Federal Ministry of Finance’s alignment with NAICOM’s reforms, Dr. Uzoka-Anite outlined government initiatives aimed at strengthening the insurance ecosystem, including:
- Linking the insurance and capital markets to mobilize long-term funds for infrastructure and green finance.
- Reviewing investment and solvency frameworks to ensure stability and policyholder protection.
- Promoting inter-agency collaboration among key financial regulators.
- Supporting innovation and InsurTech growth through enabling tax policies and digital platforms.
Inclusion, Trust, and Consumer Confidence
Dr. Uzoka-Anite stressed that true industry growth must be inclusive, urging insurance companies to expand access to underserved groups such as farmers, artisans, transport workers, and small businesses.
She also underscored the need to restore public trust through prompt claims settlement, transparent operations, and ethical leadership, noting that “without trust, even the most innovative products will fail to reach the people who need them.”
A Call to Action
Concluding her address, Dr. Uzoka-Anite called on industry directors to view NIIRA 2025 not merely as a regulatory framework but as “a national mission to rebuild trust, restore relevance, and redefine the place of insurance in our economy.”
