Stakeholders drive financial literacy, inclusion across Nigeria

By Henry Uche

To enhance insurance penetration and acceptance across Nigeria, fostering economic growth and development, the National Insurance Commission (NAICOM), the Nigerian Insurers Association (NIA), and the Nigerian Council of Registered Insurance Brokers (NCRIB) have pledged their full support for the United Nations Development Programme’s (UNDP) initiative on insurance literacy and consumer protection.

Just recently, the NIA represented its member companies at the 2025 United Nations Development Programme (UNDP) Insurance Literacy and Consumer Protection Campaign held at the Balogun Business Association Square (BBA), ASPAMDA Market, Lagos International Trade Fair, Badagry Road, in Lagos.

The campaign is scheduled to be held across different states of the country, including the FCT.

NIA, represented by Mr Soji Oni, Controller Technical, explained risk management mechanisms for market risk improvement during the campaign. He stated that businesses are faced with different risks or unforeseen circumstances, and the best protection is insurance.

The NIA scribe noted that insurance is a key risk management tool for businesses, including stock-in-trade, saying: “ For traders, we believe the right insurance product back up with risk improvement recommendations will be the cornerstone of their businesses success, providing them with the necessary security, peace of mind and confidence to navigate unexpected occurrence,” Oni said.

The UNDP aims to enhance financial resilience and promote inclusive insurance as a vital tool for reducing poverty and building financial inclusion through its Insurance and Risk Finance Facility (IRFF). As part of UNDP’s plan, to achieve the focus of IRFF in Nigeria, the plan is to carry out a literacy campaign on insurance and consumer protection in the major market across Nigeria.

A statement from the Head, Corporate Communications & Brand Management at NIA, Ajoke Adeyemi, confirmed that the Campaign is expected to go a long way in assisting traders, who are major contributors to the Nigeria economy, ensure stability and sustainability of their businesses and, by extension, their families and generations to come.