L-R: Mrs Grace Arinze (UNDP) Mr Kenneth Aror (NAICOM) Mrs Bukola Ifemade (UNDP Consultant) Comrade Ali Paul (Wuse Market Executive) Mr Richard Ojo (NCRIB, Mrs Toyin Akinoya(NIA) at Wuse Market Campaign
The drive to boost insurance awareness and consumer protection in Nigeria took a major leap forward as the National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP), in collaboration with the Nigerian Insurers Association (NIA) and the Nigerian Council of Registered Insurance Brokers (NCRIB), launched a grassroots campaign at Wuse Market, Abuja, on February 11, 2025.
Branded as the “Insurance Literacy and Consumer Protection Campaign: A UNDP (Nigeria) Project 2025,” the initiative aimed to educate traders and the general public on the crucial role of insurance in financial resilience and poverty alleviation.
A Landmark Moment in Insurance Awareness
The event saw an impressive turnout, reflecting the growing recognition of insurance as a key tool for economic stability. The UNDP representative, Mrs. Bukola Ifemade, welcomed participants and commended stakeholders for their commitment to deepening financial inclusion.
NAICOM Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, represented by Mr. Kenneth Aroh, reiterated NAICOM’s mission to protect policyholders and ensure regulatory compliance in the sector. He emphasized that insurance is not just a financial product but a safety net for businesses, families, and livelihoods.
Empowering Traders with Knowledge
Participants received insights into various insurance products designed to safeguard their businesses and lives, including:
- Fire and Special Perils Insurance: Protection against fire, storms, floods, and vehicle or animal impact.
- Goods in Transit Insurance: Financial compensation for losses or damages during transportation.
- Accident Insurance: Coverage for injuries or deaths resulting from accidents.
- Life Insurance: A means of securing financial support for dependents in case of unforeseen circumstances.
The session also featured guidance on how to verify genuine insurance policies, with NIA representative, Mrs. Toyin Akinmoya, directing attendees to online verification platforms such as www.niip.ng and www.askiid.ng.
A Call for Wider Engagement
As the campaign ended with a group photograph and the distribution of awareness materials, the consensus was clear—more collaborative efforts are needed to bridge the insurance literacy gap. With traders and small business owners at high risk of financial losses, understanding and embracing insurance remains crucial for long-term economic security.
The success of this initiative underscores a growing momentum in Nigeria’s insurance sector, with NAICOM, UNDP, NIA, and NCRIB determined to extend similar campaigns to other key markets and business hubs across the country.
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