The National Association of Nigerian Students (NANS) National Secretariat, the umbrella body representing over 40.1 Million Nigerian Students across universities, polytechnics, and colleges of education, has thrown its weight behind the transformative reforms currently reshaping Nigeria’s insurance industry.
NANS said it recognizes the strategic importance of a strong, modern, and resilient insurance sector to national economic development and commends the leadership of President Bola Tinubu for initiating bold economic reforms aimed at positioning Nigeria for sustainable growth and the realization of its $1 trillion economy aspiration.
In a statement made available to VDCInsights from NANS, the body equally commend the leadership of National Insurance Commission (NAICOM) under the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and the Governing Board chaired by Hajia Halima Kyari, for their commitment to implementing far-reaching reforms that are restoring confidence, improving consumer protection, strengthening industry capacity, and promoting greater public trust in the insurance sector.
NANS stated that “Today, we speak not merely as students but as stakeholders in Nigeria’s future. We cannot remain silent while certain unpatriotic elements seek to undermine reforms that hold significant promise for economic transformation, youth empowerment, consumer protection, and national development.”
The student body highlighted some of the commendable efforts of the President Tinubu under the Insurance sector with the Commissioner for Insurance Olusegun Ayo Omosehin effectively driving these reforms.
THE NIGERIAN INSURANCE INDUSTRY REFORM ACT (NIIRA) 2025: A LANDMARK ACHIEVEMENT
NANS joins all well-meaning Nigerians in celebrating President Bola Tinubu’s historic assent to the Nigerian Insurance Industry Reform Act (NIIRA) on 31 July 2025, a historic legislation that modernized Nigeria’s insurance regulatory framework and replaced obsolete legal provisions with a comprehensive regime suited for a modern economy.
The student body said NIIRA 2025 represents one of the most significant legislative interventions in Nigeria’s financial services sector in recent history.
“For Nigerian students, the law opens new opportunities for financial inclusion, entrepreneurship, employment, and career development within a sector that has historically been underutilized despite its enormous economic potential.”
NANS therefore fully endorses the objectives and implementation of the NIIRA 2025 and commends Mr. President for providing the legal foundation upon which the ongoing transformation of the insurance sector is being built.
SUPPORT FOR THE RECAPITALISATION OF THE INSURANCE INDUSTRY
It also highlighted that one of the most important reforms emanating from NIIRA 2025 is the recapitalisation of the insurance industry.
“For decades, insufficient capitalization limited the capacity of many insurance operators to meet growing market demands and support large-scale economic activities. The recapitalisation exercise was therefore not merely a regulatory requirement but a strategic intervention designed to strengthen insurers and ensure prompt settlement of legitimate claims.”
NANS strongly supports the successful implementation of the recapitalisation exercise by NAICOM and commends the insurance companies that complied with the new capital requirements in furtherance of industry stability and growth.
It stressed “No modern economy can thrive without a vibrant insurance industry capable of protecting investments, facilitating business continuity, absorbing risks, supporting infrastructure development, and promoting financial confidence across all sectors.”
The recapitalisation exercise is therefore a critical pillar of Nigeria’s journey toward becoming a trillion-dollar economy and deserves the support of all patriotic Nigerians.
COMMENDATION FOR NAICOM’S INVESTMENT IN TERTIARY EDUCATION
NANS expressed profound appreciation to NAICOM for its longstanding support for tertiary education through the Insurance Education Fund and related interventions.
“Over the years, these initiatives have contributed to the development of critical infrastructure in universities, polytechnics, and colleges of education, including ICT centres, laboratories, and academic facilities that directly benefit Nigerian students”. it stated.
Such investments reflect NAICOM’s broader commitment to human capital development and the future of the nation’s youth.
NANS added “As beneficiaries of these interventions, Nigerian students recognize and appreciate the positive impact these investments continue to make across institutions of higher learning nationwide.”
CONDEMNATION OF ATTEMPTS TO UNDERMINE INSURANCE SECTOR REFORMS
NANS noted “It is deeply concerning that at a time when the Nigerian insurance industry is recording unprecedented reforms and achievements, certain individuals and groups have embarked on campaigns aimed at discrediting the regulator, undermining the recapitalisation exercise that have attracted widespread commendation from all stakeholders.”
