Transforming Nigeria's Insurance for Economic Growth

Rashidat Adebisi, a financial system strategist and former Executive Director at AXA Mansard, has initiated a project to re-architect Nigeria's insurance sector, aiming to position it as a key driver for the country's $1 trillion economy. Speaking in Lagos, Adebisi emphasized that insurance must extend beyond mere financial products, advocating for a comprehensive insurance network that can help the nation achieve its macroeconomic aspirations.

Despite decades of growth, insurance coverage in Nigeria remains extremely low, with market penetration below 1%. Adebisi highlighted several gaps, including inadequate infrastructure, weak trust, unclear regulations, and ineffective digital identification systems.

She introduced the FileAm app, a digital platform designed to simplify compliance and improve access to insurance and financial services. Adebisi urged industry players to view the insurance reform as an opportunity rather than a burden, stressing that compliance should not hinder competitive advantage.

She noted that the future of insurance will be defined by innovative, AI-driven solutions that build trust and enhance access.