NAICOM unveils recapitalisation plan for $1trn economy goal

Barbara Bako, Abuja.

The National Insurance Commission (NAICOM) has set up an 11-member committee to implement the 2025 recapitalisation programme aimed at strengthening the sector and supporting Nigeria’s $1 trillion economy target.

Chaired by Mrs. Oluwatoyin Charles, Director of Supervision, the committee is tasked with developing a roadmap for the recapitalisation programme, issuing guidelines, recommending the composition of minimum capital requirements, and identifying incentives or concessions from other regulators.

Speaking at the inauguration in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, underscored the importance of the exercise in strengthening the insurance sector and advancing the Federal Government’s economic growth target.

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Omosehin described recapitalisation as “critical to stabilising the industry and contributing to Nigeria’s $1 trillion economy vision,” urging members to work with professionalism and diligence.

The committee will provide monthly progress reports to NAICOM management and quarterly updates to the Governing Board and stakeholders.

NAICOM expressed confidence in the team’s capacity to deliver, stating that the recapitalisation programme will “position the insurance industry for greater transparency, innovation, and global competitiveness.”

With NIIRA 2025 now in effect, the commission believes the reforms will boost investor confidence and enhance the sector’s contribution to economic growth.