Steering Insurance Through Challenges: Commissioner Omosehin’s Strategic Drive for Nigeria’s Insurance Growth Amid $1 Trillion Economy Ambitions 

By 2025, Nigeria’s insurance industry is navigating a transformative but challenging era under the dynamic leadership of Commissioner of Insurance, Olusegun Ayo Omosehin. As a key pillar in President Bola Ahmed Tinubu’s $1 trillion economic agenda, the industry has been tasked with driving stability and growth. However, a 50% deduction in Internally Generated Revenue (IGR) and the complexities of GDP rebasing present significant roadblocks to the ambitious targets set for the sector.

Commissioner Omosehin has spearheaded efforts to reposition the industry, prioritizing innovation, market penetration, and trust-building. His leadership has been instrumental in advancing mandatory insurance policies for underserved sectors such as agriculture, aviation, transportation, and SMEs while also driving insurtech adoption to ensure efficiency and transparency. These measures have increased public confidence and positioned the insurance sector as a vital contributor to Nigeria’s economic transformation.

Reflecting on the journey, Omosehin stated at a recent forum, “The insurance sector is a stabilizer in times of uncertainty. Despite the obstacles, our vision is to build a robust, inclusive, and technology-driven industry that supports national goals.”

Yet, challenges persist. The GDP rebasing exercise, while offering a clearer economic perspective, has underscored the insurance sector’s low contribution to the economy, currently at less than 2% penetration. Compounding this challenge is the 50% IGR deduction, which poses a significant threat to the funding of key initiatives. These realities necessitate innovative, scalable strategies to sustain momentum and achieve long-term objectives.

These are Insurance-Specific Breakthrough Instruments:

1. Insurtech Integration: Expanding digital platforms to streamline claims processing, reduce costs, and enhance customer experience.
2. Microinsurance and Inclusion: Targeting Nigeria’s large informal sector with affordable, accessible policies tailored to their needs.
3. Regulatory Adjustments: Revising policies to address the economic realities of a rebased GDP and IGR constraints while ensuring industry compliance.
4. Public-Private Partnerships (PPPs): Collaborating with global and local stakeholders to attract investments and drive policy innovation.
5. Awareness Campaigns: Enhancing public education on the value of insurance to increase adoption and trust.
6. Sectoral Diversification: Expanding insurance offerings to emerging markets like climate risk, health, and technology-driven industries.

The journey of Nigeria’s insurance industry in 2025 is a testament to resilience and visionary leadership. Despite the hurdles of GDP rebasing and IGR deductions, Commissioner Omosehin’s forward-thinking strategies have kept the sector on course.

The path to sustainable momentum lies in the industry’s ability to adapt and evolve. As Nigeria aspires to a $1 trillion economy, amidst the hidden impacts of GDP rebasing…, the insurance sector must not only support but also drive growth by addressing challenges head-on and aligning with national priorities.

Stay informed. Stay ahead with The Ameh News—your trusted source for insights into Nigeria’s evolving insurance landscape.