The Federal government has initiated a strategy to ensure that millions of uninsured Nigerians would have financial protection.
The initiative brings together the nation’s top financial and insurance regulators to collaborate to transform Nigeria’s insurance landscape, according to a report on the Nairametrics news website.
Senator Ibrahim Hassan Hadejia, deputy chief of staff to the President (Office of the Vice President), speaking at a roundtable held to discuss the issue, said, “We cannot build a resilient economy while leaving millions of our citizens financially exposed. Financial inclusion, particularly through insurance access, serves as the crucial driver that will propel Nigeria toward sustainable economic growth.”
The Nigeria Labour Force Survey, published by the National Bureau of Statistics (NBS), shows that only 26.3% of Nigerian workers had a pension plan and health insurance in 2023.
Dr Nurudeen Zauro, technical advisor to the President on economic and financial inclusion, indicated that the government would establish a monitoring framework to ensure the implementation of decisions made at the roundtable. The framework will focus on:
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Forming specialised committees for financial control
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Developing risk management programmes for smallholder farmers
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Fostering public-private partnerships
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Strengthening inter-agency collaboration
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Simplifying processes for innovative insurance products.
The initiative has received support from key institutions, including the Nigeria Insurance Association (NIA), National Health Insurance Authority (NHIA), and Central Bank of Nigeria (CBN).
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