The National Insurance Commission (NAICOM) has partnered with the Federal Ministry of Youth Development, to explore potential synergies, focusing on improving financial literacy, entrepreneurship and career development among youths.
This was agreed at a meeting between the commission and the Minister of State for Youth Development, Ayodele Olawande, when the latter visited the Commissioner for Insurance, Sunday Thomas, at NAICOM.
At the meeting, Thomas provided insights into the Nigerian insurance industry’s landscape and highlighted achievements in financial inclusion, risk-based supervision and international accounting standards adoption.
He also stated NAICOM’s commitment to fostering regional collaboration through initiatives like the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
On his part, Olawande underscored the Ministry’s dedication to youth empowerment through initiatives like the Nigerian Youth Academy (NIYA), a digital platform designed to equip Nigerian youth with vocational and digital skills. Proposing collaboration with NAICOM, he suggested integrating an insurance educational module into the NIYA platform to enhance youth training, financial literacy, entrepreneurship, and career development while promoting awareness of the benefits of insurance.
In response, Thomas pledged to facilitate discussions with relevant stakeholders within the Nigerian insurance industry, including the Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management to actualise the Minister’s proposal.
