The Federal Government of Nigeria has launched an ambitious plan to offer financial protection to millions of uninsured citizens through the first phase of the Aso Accord, a recently signed initiative aimed at transforming Nigeria’s insurance sector.
At a roundtable meeting on Tuesday, Deputy Chief of Staff to the President, Senator Ibrahim Hassan Hadejia, highlighted the significance of the Aso Accord, stating it marks the first formal recognition of insurance as a crucial financial service within Nigeria’s economic strategy. He noted that the roundtable’s outcomes would be submitted to the National Economic Council (NEC) for further action.
“This marks the first time insurance is being formally recognized as a critical financial service in Nigeria’s economic framework,” said Hadejia. “We cannot build a resilient economy while leaving millions of our citizens financially exposed. Financial inclusion, particularly through insurance, is essential for sustainable economic growth.”
Dr. Jankara Usman, Deputy Commissioner Technical at the National Insurance Commission (NAICOM), described the transformative potential of inclusive insurance, which he said would offer tailored, affordable products to improve financial readiness and social well-being in Nigeria. He pointed to World Bank data showing that only two out of five adults in sub-Saharan Africa can raise $35 within 30 days, underscoring the urgent need for financial resilience.
With Nigeria’s insurance penetration at a low 3.3%, Dr. Usman stressed the need to close this gap to reach global standards.
Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, emphasized that President Bola Ahmed Tinubu’s administration is dedicated to strengthening the insurance sector. Zauro highlighted new steps, including specialized committees for financial control, public-private partnerships, risk management programs for smallholder farmers, and simpler processes for innovative insurance solutions.
The roundtable generated key proposals, such as enabling insurance purchases through mobile airtime, creating micro-insurance products for low-income individuals, integrating blockchain for insurance delivery, and developing digital platforms for agricultural insurance. This initiative has gained strong support from major institutions, including the Nigeria Insurance Association (NIA), National Health Insurance Authority (NHIA), and the Central Bank of Nigeria (CBN).
With these steps, the Federal Government aims to foster financial inclusion and resilience across Nigeria, bringing much-needed protection to vulnerable populations.
