Risk Management Vital to National Growth — NAICOM Chief

At the just-concluded 40th Anniversary Celebration of the Risk Management Society of Nigeria (RIMSON), the Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, delivered a stirring goodwill message that underscored the critical role of risk management in Nigeria’s journey towards sustainable national development.

Addressing a distinguished gathering of risk professionals, industry leaders, and policymakers, Omosehin applauded the timeliness of the event’s theme—“Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development.” According to him, this theme speaks to the very core of Nigeria’s development struggle in the face of evolving economic, social, and environmental threats.

“Risk management,” Omosehin noted, “is no longer a luxury or a back-office function—it is a national imperative.” He reflected on how lapses in structured risk mitigation have repeatedly undermined Nigeria’s progress, citing examples ranging from cyber threats and climate-induced disasters to public health crises and systemic business disruptions.

He emphasized that the insurance sector—regulated by NAICOM—serves as a backbone for advancing a culture of sound risk management through effective risk transfer mechanisms. “Insurance,” he said, “provides more than just financial protection. It fosters confidence, fuels investment, and nurtures innovation.” He added that NAICOM continues to strengthen the regulatory landscape to ensure insurance companies are equipped to underwrite risks effectively while safeguarding the interests of policyholders.

The Commissioner reaffirmed the Commission’s commitment to broadening insurance access across Nigeria, especially in underserved communities. He stressed that inclusive risk mitigation must become a pillar of national policy, one that is data-driven, proactive, and integrated across all sectors—from infrastructure and enterprise to governance and public health.

Omosehin called on all stakeholders to commit to a collective future where risk management is deeply embedded in national planning. “We must move from reactive to strategic thinking. That is how we will build a resilient, secure, and prosperous Nigeria,” he urged.

In conclusion, he commended RIMSON for four decades of unwavering contribution to Nigeria’s risk management ecosystem and expressed optimism that the deliberations from the anniversary celebration would fuel more impactful solutions in the years ahead.

With these words, the Commissioner not only marked a milestone for RIMSON but also laid down a roadmap for embedding risk management into the very fabric of Nigeria’s national development strategy.