Senate Engages Financial Stakeholders for Economic Stability

The Senate Committee on Banking, Insurance and Other Financial Institutions convened an expanded stakeholders’ engagement in Lagos to strengthen Nigeria’s financial system and promote economic stability. The meeting included key financial sector regulators such as the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM), and Nigeria Export-Import Bank (NEXIM).

Senator Mukhail Adetokunbo Abiru, represented by Senator Osita Izunaso, reaffirmed the Senate’s commitment to legislative reforms and collaboration with financial regulators. He highlighted the importance of the financial sector in driving investment and macroeconomic stability, addressing issues like inflation, cybersecurity threats, and low insurance penetration.

The theme of the engagement was ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria.’ Mr. Olusegun Ayo Omosehin, CEO of NAICOM, praised the Senate committee for its role in stabilizing the insurance sector through the NIIRA 2025 initiative, which aligns insurance practices with global standards.