The Nigerian Council of Registered Insurance Brokers (NCRIB) has called for a more unified insurance industry, saying stronger collaboration among operators could unlock significant value for Nigeria’s economy.

Speaking at the Council’s Members’ Evening, NCRIB President, Ekeoma Ezeibe, said the insurance sector must move beyond silos and fragmentation and operate as a single, coordinated force to drive growth, innovation, and public confidence.

According to her, Nigeria’s insurance industry has vast but largely untapped potential, stressing the need for “growth with purpose” that prioritises customers, empowers brokers, and makes insurance more relevant to everyday life.

Ezeibe noted that the sector currently contributes less than one per cent to Nigeria’s estimated $477 billion Gross Domestic Product, highlighting significant room for expansion if industry players align around shared goals.

She explained that her vision for a unified industry is anchored on four pillars: capacity building, industry advocacy, innovation and technology, and deeper member engagement.

The NCRIB president added that her administration plans to work closely with insurers, regulators, and industry associations to create an enabling environment for sustainable growth.

While acknowledging persistent challenges such as low insurance penetration, trust deficits, and regulatory complexity, Ezeibe described them as opportunities for collaboration and innovation.

She expressed confidence that with the right leadership and collective commitment, the insurance industry could unlock its full potential and play a more meaningful role in national economic development.

Also speaking at the event, the Managing Director of Prudential Zenith Life Insurance, Funmilayo Abimbola Omo, whose company sponsored the programme, said it shared NCRIB’s vision for a stronger and more cohesive industry.