L–R: Mr. Wole Oshin, Group Chief Executive Officer, Custodian Investment Plc; Mrs. Olufunke Adenusi, mni, FCIB, Deputy President Nigerian Council of Registered Insurance Brokers (NCRIB); Obi Ibekwe, Chief Executive Officer, EnterpriseNGR; Mr. Bolaji Balogun, Chief Executive Officer, Chapel Hill Denham; Mr. Aigboje Aig-Imoukhuede, CFR, Chairman, EnterpriseNGR; Senator Tokunbo Abiru, Chairman, Senate Committee on Banking, Insurance and Other Financial Institutions; Mr. Olusegun Ayo Omosehin, Commissioner for Insurance/Chief Executive Officer, National Insurance Commission (NAICOM); Mrs. Yetunde Olubunmi Ilori, FIIN, President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN); Mrs. Bola Odukale, Director-General, Nigerian Insurers Association (NIA); and Mr. Kunle Ahmed, Chairman, Nigerian Insurers Association (NIA)
LAGOS, Nigeria — March 5, 2026
EnterpriseNGR on Thursday convened senior policymakers, regulators, and industry leaders for the Insurance Sector Transformation Consultative Forum 2026, a landmark industry dialogue aimed at accelerating reforms, rebuilding consumer trust, and repositioning Nigeria’s insurance industry as a critical pillar of economic growth.
The high-level forum, held in Lagos, brought together leaders from across government, regulation, and the private sector to examine structural constraints limiting the growth of the insurance industry and to chart a clear pathway for transformation through coordinated reforms, innovation, regulatory strengthening, and stronger industry collaboration.
Convened by EnterpriseNGR — the advocacy body for Nigeria’s financial and professional services sector — the forum reflects the organisation’s broader mandate to strengthen the role of financial and professional services in driving economic development, attracting investment, and supporting Nigeria’s long-term growth ambitions.
Participants engaged in intense discussions across five strategic themes considered essential for unlocking the full potential of the industry: building consumer trust and expanding market penetration; innovation, technology and digital transformation; regulation, policy and the enabling environment; human capital, skills and professional standards; and investment, growth and economic contribution.
Opening the forum, Aigboje Aig-Imoukhuede, Chairman of EnterpriseNGR, said the transformation of the insurance industry is critical to strengthening Nigeria’s financial system and unlocking long-term investment that can support national development.
“Countries that have successfully transitioned from emerging to advanced economies have done so on the strength of vibrant financial and professional services sectors,” he said.
“Insurance is a critical component of that ecosystem, yet insurance penetration in Nigeria remains below one per cent of GDP. If we move from where we are today to even three per cent, that would mean tripling the size of the sector and unlocking tremendous value for the Nigerian economy.”
Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Tokunbo Abiru, commended EnterpriseNGR for convening the industry at a critical moment of reform, noting that the recent passage of new insurance legislation provides a strong foundation for modernising the sector.
“The essence of this gathering is to move beyond legislation and begin implementing the provisions of the new law,” Abiru said.
“This forum is a very important starting point because effective implementation will require deeper collaboration among regulators, operators, and all stakeholders across the financial ecosystem.”
Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Olusegun Omosehin, described the forum as a timely and strategic platform for advancing sector reforms, particularly as Nigeria pursues its ambition of building a $1 trillion economy.
“Transformation of the insurance industry is no longer optional,” Omosehin said.
“No nation can achieve sustained economic growth without the resilience and stability that a strong insurance sector provides. What EnterpriseNGR has done here is to bring the entire ecosystem together to drive that transformation.”
Director-General of the Nigerian Insurers Association (NIA), Bola Odukale, emphasised that collaboration across the industry will be critical to translating reform ambitions into tangible outcomes.
“Transformation cannot happen in isolation,” she said.
“This kind of engagement allows stakeholders across the financial services ecosystem to share perspectives and work together to deepen insurance penetration and strengthen the value delivered to the insuring public.”
President of the Chartered Insurance Institute of Nigeria (CIIN), Yetunde Ilori, also underscored the importance of strengthening professional standards, ethics, and industry capacity as part of broader efforts to rebuild consumer trust and enhance the credibility of the sector.
Central to the forum were breakout sessions where participants examined key structural issues affecting industry growth and developed practical recommendations to address them.
Discussions on innovation, technology and digital transformation emphasised the need for unified digital standards across the industry, including common API protocols and interoperable digital infrastructure to support seamless integration among insurers, fintech companies and telecommunications operators. Participants also stressed the importance of expanding digital distribution channels, improving product design, and strengthening consumer education to increase adoption.
On regulation and the enabling environment, stakeholders called for stronger enforcement of compulsory insurance policies, digital regulatory supervision, clearer regulatory timelines, and greater inter-agency collaboration to address compliance gaps and remove structural barriers to industry growth. Participants also highlighted the importance of transitioning fully to risk-based supervision to strengthen oversight and improve market discipline.
Breakout sessions on human capital and professional standards identified critical skill gaps across the industry, including digital literacy, customer insight capabilities, product development expertise, and distribution strategy. Participants recommended structured industry-wide training frameworks, stronger professional certification requirements, and continuous capacity development initiatives to strengthen industry competence and rebuild public confidence.
Participants also explored how Nigeria’s insurance sector can play a much stronger role in mobilising long-term capital for national development. Discussions highlighted opportunities for insurers to expand investments in infrastructure, renewable energy, agriculture, and the digital economy, supported by innovative financing models such as public-private partnerships, green bonds, and specialised investment vehicles.
Industry leaders also emphasised the need for regulatory reforms, new asset classes, and targeted incentives that would enable insurers deploy capital more effectively toward strategic development sectors of the economy.
Obi Ibekwe, CEO of EnterpriseNGR, said the outcomes of the forum will serve as a foundation for sustained industry collaboration and policy engagement, with the organisation continuing to work closely with regulators, policymakers, and industry stakeholders to translate the recommendations emerging from the forum into concrete reforms and measurable progress for the sector.
About EnterpriseNGR
EnterpriseNGR is a private sector-led platform established to position Nigeria as Africa’s leading financial and professional services hub by driving policy advocacy, strengthening industry competitiveness, and fostering collaboration across the financial services ecosystem.