In a major step toward financial inclusion, the Nigerian government has launched an initiative aimed at providing financial protection to millions of citizens currently without insurance coverage. This new plan is part of the first major implementation phase of the recently signed Aso Accord, a policy designed to reshape Nigeria’s insurance landscape.
Speaking at a roundtable meeting on Tuesday, November 5, Sen. Ibrahim Hassan Hadejia, Deputy Chief of Staff to the President (Office of the Vice President), revealed that the outcomes of the meeting would be presented to the National Economic Council (NEC). He emphasized that this was the first time insurance was being officially recognized as a critical part of Nigeria’s economic framework.
“This initiative marks a turning point for Nigeria’s economic future,” Hadejia said. “Financial inclusion, particularly through access to insurance, is vital. We cannot build a resilient economy while leaving millions of our citizens financially exposed.”
Dr. Jankara Usman, Deputy Commissioner Technical at the National Insurance Commission (NAICOM), also spoke about the transformative potential of the initiative. He explained that through inclusive insurance, Nigeria could create affordable, tailored products that help citizens prepare for financial challenges and promote social well-being.
Dr. Usman cited troubling data from the World Bank, which shows that in sub-Saharan Africa, only two out of five adults can raise $35 in emergency funds within 30 days. “In Nigeria, insurance penetration stands at just 3.3%, far below global standards,” he said, underscoring the urgent need for change.
Dr. Nurudeen Zauro, Technical Advisor to the President on Economic and Financial Inclusion, noted that the meeting reflected President Bola Ahmed Tinubu’s commitment to revitalizing the insurance sector. The government has created a monitoring framework to ensure the effective implementation of the initiative, with a focus on forming specialized committees, developing risk management programs for smallholder farmers, and fostering public-private partnerships.
Among the innovative proposals discussed at the roundtable were enabling insurance purchases via mobile phone airtime, creating micro-insurance products for low-income groups, integrating blockchain technology for insurance delivery, and developing digital platforms for agricultural insurance.
This initiative has received broad support from key institutions such as the Nigeria Insurance Association (NIA), the National Health Insurance Authority (NHIA), the Central Bank of Nigeria (CBN), and other regulatory bodies.
The government’s goal is clear: to create a more inclusive and resilient financial system, ensuring that every Nigerian has access to the protection they need for a secure future.
