The National Insurance Commission (NAICOM) said long-term financial planning and risk management are needed for Nigerians to secure financial stability at retirement age.

The Commissioner for Insurance, Olusegun Omoseyin, at the 2025 edition of the Inspenonline conference in Lagos, said potential retirees must engage in early planning and saving for their retirement to serve as a financial bridge in their golden years.

The commissioner, represented by the Lagos Director of NAICOM, Julius Odidi, noted that financial planning was key due to the growing difficulties retirees face in a country affected by inflationary pressures, market volatility and shifting demographic structure.

According to him, more individuals are approaching retirement with concerns about revenue sustainability, healthcare costs and the adequacy of their pension savings.
For him, the economic headwinds are not merely statistics but represent the lived experiences of millions of Nigerians.

Omoseyin explained that policy alignment and regulatory reforms must be focused on to navigate the period effectively.

He said there is a need to initiate products and accessibility as well as financial literacy and consumer empowerment, which must also be prioritised.
For him, there is a need for the industry to invest in designing affordable, relevant and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of the population.

“We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems in addressing longevity risks and post-retirement income security,” he said.