In a continuous attempt to instill in ministries and agencies of government a culture of safeguarding government assets through efficient risk management, the National Insurance Commission (NAICOM), the insurance regulator, has strengthened its ties with a number of them.
Sunday was the leader for NAICOM. Recently, Thomas, the commissioner of insurance, paid a courtesy call on Lanre Issa-Onilu, the director general of the National Orientation Agency (NOA); in a related development, Ayodele Olawande, the minister of state for the Federal Ministry of Youth Development, received NAICOM as well. During both meetings, cooperative plans that could improve the nation's social and economic development were discussed.
According to Thomas, the goal of the visit to NOA was to discuss potential joint ventures to educate Nigerians about insurance and how to take advantage of their strategic network to inform them of its advantages.
DG NOA Issa-Onilu urged NAICOM to take advantage of its platforms, reach, and organization in addition to its knowledge of the area in which it operates. They also committed to collaborating closely with NAICOM.
Furthermore, he provided personal experience of how his own vehicle was taken in 2007 and how insurance helped him quickly resolve the claim.
The visit's goal, according to Ayodele Olawande, is to explore possible joint venture possibilities between NAICOM and the Federal Ministry of Youth Development for the advancement of youth development programs, particularly those pertaining to financial literacy, entrepreneurship, and career development.
In his welcome address to the minister, the commissioner for insurance provided a brief history and overview of the insurance sector in Nigeria, as well as information on the Commission's organizational structure and accomplishments in the areas of financial inclusion, the shift to risk-based supervision, and IFRS 17. He also announced the establishment of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
In his remarks, Olawande expressed gratitude to the NAICOM Management for the cordial welcome. He stated that he hoped the Ministry and NAICOM would work together to engage Nigerian young both formally and informally in skill development.
He mentioned that Nigerian youth might now learn digital and practical skills through the Nigerian Youth Academy (NIYA), a digital platform (app) created by the Ministry.
In order to better train and educate young people about financial literacy, entrepreneurship, job creation, career development, and the advantages of insurance, he asked that NAICOM work with them to develop an insurance education module that would be posted on the NIYA platform.
Within the Nigerian insurance industry, the relevant parties (the College of Insurance and Financial Management and the Chartered Insurance Institute of Nigeria) will receive the request from the Honorable Minister, as pledged by the Commissioner for Insurance.
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