The recent Memorandum of Understanding (MoU) between the National Insurance Commission (NAICOM), the Federal Ministry of Youth and Sports Development, and the Chartered Insurance Institute of Nigeria (CIIN) aims to train one million Nigerian youths in insurance. This appears to be a promising step towards addressing youth unemployment and boosting talent in the insurance industry.
However, at Transparent Protection Ltd we believe that there is need to critically evaluate this grand proposal and its feasibility.
Also read:
NAICOM Urges Insurers to Support Training of One Million Youths in Insurance
NAICOM and Ministry of Youth Development Partner to Train One Million Youths in Insurance Sector
Regulatory Interventions in Insurance – A Call for Fair and Balanced Oversight
2025: A New Horizon for Insurance—Key Trends and Opportunities to Watch
Key Questions:
How Will the Program Be Funded?
Is the budget coming from NAICOM, or will private-sector partnerships be involved? Will trainees receive financial support during the program? A sustainable funding model is essential for the initiative’s success. NAICOM should prioritize securing grants from development agencies and tap into private-sector CSR initiatives to ensure consistent financial backing. This approach can help cover training costs, provide support for participants, and build a stable foundation for the program’s long-term impact.
Who Will Conduct the Training?
Is CIIN equipped to handle this volume of trainees nationwide? Do they have enough qualified trainers and resources to ensure quality learning? If the training is conducted online, industry experts can be brought in to deliver courses, providing flexible and high-quality instruction.
What Will the Curriculum Cover?
Will the training provide practical skills relevant to the industry, or will it focus on theoretical concepts without real-world application? What specific courses will be included? To address this, core courses should cover insurance principles, digital insurance technologies, customer service, regulatory compliance, and industry-relevant certifications.
How Will Youths Be Selected?
With so many eager applicants, what are the criteria for selection? Will the process be transparent, and how will biases be avoided? A transparent online application portal with clear selection criteria is necessary, along with collaboration with youth organizations to ensure widespread outreach.
Will the Training Be Online or Onsite?
Will the program be accessible remotely, or will it require physical attendance? How will digital infrastructure issues be addressed if it is conducted online? Opting for an online format can reduce logistical costs and increase accessibility. Advanced and practical training components can be scheduled for onsite sessions, if needed.
How Will Trainees Enter the Industry?
Once trained, how will these individuals be integrated into the workforce? Are there plans for internships or job placements, or will they be left to find their own way? Recognizing the impracticality of immediate absorption, NAICOM should collaborate with insurers and the Ministry of Commerce and Industry for a phased integration approach to gradually place these trained youths.
How Will Success Be Measured?
What metrics will be used to assess the program’s impact? Without clear accountability and regular updates, the risk of failure is high. Key success metrics should include tracking the number of program graduates, evaluating their employment rates within the industry, and gathering feedback from participants and employers for ongoing improvements.
Also read:
NAICOM Urges Insurers to Support Training of One Million Youths in Insurance
NAICOM and Ministry of Youth Development Partner to Train One Million Youths in Insurance Sector
Regulatory Interventions in Insurance – A Call for Fair and Balanced Oversight
2025: A New Horizon for Insurance—Key Trends and Opportunities to Watch
Conclusion: A Call for Transparency and Accountability
The promise of training one million youths is appealing, but Nigerians deserve more than just grand announcements. NAICOM, the Ministry of Youth, and CIIN must provide a clear roadmap, engage stakeholders, and demonstrate a genuine commitment to delivering results. This initiative should be more than a publicity stunt—it must create real opportunities for Nigerian youths and drive growth in the insurance industry.
Transparent Protection Ltd strongly encourages all stakeholders to address these vital questions and take concrete steps to ensure this initiative delivers on its promise. The success of this program could be a significant turning point for both the youth and the insurance industry in Nigeria. Let’s move beyond lofty promises and work together to create real, sustainable opportunities. The time for decisive action is now.
