FG launches financial protection initiative for uninsured Nigerians
By Kunle Sanni
The Federal Government has launched a comprehensive strategy to extend financial protection to millions of uninsured Nigerians. This initiative, marking the first major implementation phase of the recently signed Aso Accord, brings together the country’s leading financial and insurance regulators in a concerted effort to reshape Nigeria’s insurance landscape.
During a roundtable meeting on Tuesday, Deputy Chief of Staff to the President (Office of the Vice President), Sen. Ibrahim Hassan Hadejia, emphasized that the roundtable’s outcomes would be presented to the National Economic Council (NEC). “This marks the first time insurance is being formally recognized as a critical financial service within Nigeria’s economic framework,” Hadejia noted.
He highlighted the importance of financial inclusion through insurance access, stating, “We cannot build a resilient economy while leaving millions of our citizens financially exposed. Insurance access is essential for driving Nigeria toward sustainable economic growth.”
Dr. Jankara Usman, Deputy Commissioner Technical at the National Insurance Commission (NAICOM), explained the transformative potential of the initiative, emphasizing that inclusive insurance could support financial readiness and social well-being.
He cited World Bank data revealing that only two in five adults in sub-Saharan Africa could raise $35 within 30 days, underscoring the region’s financial vulnerability. “In Nigeria, insurance penetration is at a concerning 3.3%, far below global standards,” he added.
Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, highlighted the government’s commitment, noting that a monitoring framework is in place to ensure effective implementation of roundtable decisions.
The plan includes forming specialized committees for financial control, developing risk management programs for smallholder farmers, fostering public-private partnerships, strengthening inter-agency collaboration, and simplifying processes for innovative insurance products.
Several innovative proposals were developed to broaden insurance access, including enabling insurance purchases through mobile phone airtime, creating specialized micro-insurance products for low-income groups, integrating blockchain technology for streamlined insurance delivery, and developing digital platforms specifically for agricultural insurance.
The initiative has garnered substantial support from key institutions, including the Nigeria Insurance Association (NIA), National Health Insurance Authority (NHIA), Central Bank of Nigeria (CBN), and various other regulatory bodies.
