Proactive risk management Panacea to Nigeria’s Growth- NAICOM
Nigeria’s apex insurance regulator, National Insurance Commission (NAICOM) has advocated for a proactive risk management approach to boost national growth.
NAICOM boss Mr. Olusegun Omosehin, stated this at the Risk Managers Society of Nigeria’s (RIMSON) 40th-anniversary celebrations in Lagos.
The theme of the event is “Risk Management in Nigeria: Evaluating the Impact and Relevance to National Development”.
Omosehin called on stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations.
“As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven and forward-looking approach”, he said.
“Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development and public policy.
“I encourage all stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations.
“Together, we can build a more resilient, secure and prosperous nation.”
He noted that risk management could be seen as one of the cornerstones of sustainable development, adding that in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks was central to national resilience and progress.
He explained that in Nigeria, lack of structured risk mitigation had hampered growth, as could be seen from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats and public health emergencies.
“The insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria.
“Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation.
“Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected.
“We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.”
