The Commissioner for Insurance at the National Insurance Commission (NAICOM), Mr. Olusegun Omosehin, and the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, have emphasized that large-scale infrastructure projects like the Dangote Refinery and Lekki Deep Sea Port would have been impossible without a robust insurance sector providing risk coverage and financial security.
Speaking at the 2025 Insurance Stakeholders’ Consultative Forum hosted by LCCI’s insurance group under the theme “Role of Insurance in Economic Recovery,” Idahosa stated that many Nigerians underestimate the role of insurance in enabling critical investments. “Investors would not commit their funds to mega projects without adequate insurance safeguards,” he explained, highlighting the sector’s role in de-risking investments in energy, transportation, housing, and telecommunications.
Omosehin reinforced this perspective, emphasizing that insurance is the silent force that sustains large-scale investments. “Big investors like Dangote Group are often in the spotlight, but what people don’t see is the insurance sector standing behind them, absorbing risks and ensuring their ventures remain viable,” he stated. He underscored insurance’s role in economic stability, risk management, and wealth protection, noting that it provides the confidence investors need to undertake ambitious projects.
Addressing criticisms that the Nigerian insurance sector contributes minimally to the national economy, Omosehin debunked the notion, arguing that misleading comparisons fail to account for differences in statistical groupings across countries. “In other nations, pensions, health, and insurance are combined in economic analyses, whereas Nigeria isolates insurance, making direct comparisons unfair,” he explained.
Despite this, he highlighted the sector’s impressive growth trajectory, revealing that Nigeria’s insurance market has outpaced national economic growth since 2019, even during the COVID-19 pandemic. According to him, the industry recorded growth rates of 19.2% (2019), 1.3% (2020), 22.7% (2021), 25.1% (2022), 32.1% (2023), and 51.8% (2024), with projections indicating that premium generation could reach ₦2.5 trillion in 2025.
LCCI Insurance Group Chairman, Mr. Adeniran Aderinoye, further emphasized the sector’s indispensable role in economic recovery. “As businesses navigate Nigeria’s economic realities, insurance remains central to safeguarding enterprises, securing livelihoods, and fostering financial resilience,” he said.
The event reinforced insurance as a catalyst for national development, ensuring that Nigeria can continue attracting investments and driving sustainable economic growth.
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