Senate Engages Stakeholders to Strengthen Nigeria's Finance

The Senate Committee on Banking, Insurance and Other Financial Institutions convened an expanded stakeholders’ engagement in Lagos to enhance Nigeria’s financial system. The session included leadership from the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission, and Nigeria Export-Import Bank.

Committee Chairman Mukhail Abiru, represented by Senator Osita Izunaso, emphasized the Senate's commitment to legislative reforms and collaboration with financial regulators to foster long-term economic growth. Abiru identified challenges such as inflation, global economic uncertainties, cybersecurity threats, low insurance penetration, and the need for export diversification as requiring coordinated policy responses.

The engagement's theme was “Strengthening financial system architecture for sustainable economic growth and stability in Nigeria,” reflecting the interconnectedness of various financial components. Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, noted that the Nigeria Insurance Industry Reform Act 2025, sponsored by Abiru, has helped stabilize the sector, with 43 insurance companies successfully recapitalizing under ongoing reforms.