Adesina Champions Insurance Reforms to Drive Nigeria's Economic Growth

Akinwumi Adesina, Global Ambassador for Insurance in Nigeria, addressed the Nigeria Insurance Directors Conference. He pledged to champion reforms aimed at repositioning the insurance industry as a major driver of economic growth. Adesina noted that Nigeria's insurance penetration, estimated at 0.5 per cent of Gross Domestic Product, limits the country's capacity to protect households, businesses, and productive investments. He challenged operators and regulators to prioritize public confidence and professional standards.

The advocacy calls for the insurance sector to move beyond conventional business practices and assume a more strategic role in supporting national economic development. Adesina emphasized that institutional transformation is necessary to improve the industry's capacity to protect assets and finance growth in Nigeria.