The Ministry of Youth Development and the National Insurance Commission (NAICOM) have partnered to integrate one million Nigerian youths into the national insurance sector. Over the weekend, the two agencies signed a Memorandum of Understanding (MoU) to train these youths in insurance programs and expand career opportunities in the sector. The Chartered Insurance Institute of Nigeria (CIIN) will also collaborate in this effort.
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The initiative, titled “One Million Youths in Insurance,” aligns with President Bola Ahmed Tinubu’s broader project to create more jobs and empower the youth. It aims to educate Nigerian youths about insurance practices, encourage entrepreneurship by providing financial protection, and create employment opportunities across the country’s 774 local government areas. This program is also expected to boost insurance awareness through social media and other platforms, enhancing the overall impact of the insurance industry in Nigeria and furthering the country’s financial inclusion goals.
The Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed gratitude to Comrade Ayodele Olawande, Minister of State for Youth Development, for his commitment to the project. Both officials praised the collaboration, believing it will benefit the nation’s youth by providing new career avenues and increasing insurance literacy.
In his remarks, Minister Olawande highlighted the importance of empowering Nigeria’s youth, who make up over 60% of the population. He noted that insurance, a critical component of any growing economy, remains underutilized in Nigeria. This partnership, he emphasized, would raise awareness among young people about the importance of insurance while fostering entrepreneurship and employment opportunities nationwide.
The MoU was officially signed by the Minister of State for Youth Development, the Commissioner for Insurance, and representatives of the Chartered Insurance Institute of Nigeria.
In a related development, NAICOM’s Executive Management, led by Commissioner Omosehin, recently visited Mr. Adegboyega Oyetola, Minister of Marine & Blue Economy, to discuss potential collaborations. Key areas of focus included the creation of a verification portal for marine insurance policies and ensuring compliance with the insurance requirements of the Cabotage Act.
