The National Insurance Commission (NAICOM) has urged broader youth participation in Nigeria's insurance and pension sectors to drive growth and adapt to economic shifts. Speaking at the 10th Business Today annual Conference in Lagos on Thursday, NAICOM Commissioner Olusegun Omosehin, represented by Dr Julius Odede, stressed that Nigeria's youthful population is central to the industry's future. The event's theme, "Youth Advantage: Redefining Insurance and Pensions for a New Era," reflected this focus. Omosehin said technology, evolving economies, and changing expectations require young people to be active contributors, not just future beneficiaries. He called for simpler, more relatable messaging to draw young Nigerians in, warning that technical jargon could deter engagement. Regulatory reforms, he added, are improving consumer protection, transparency, and innovation, but awareness and education remain critical. "You are not just the future of this industry, you are very much a part of its present," Omosehin told youths, urging them to take charge of their financial decisions. Chiamaka Ugo-Obidike, Chief Strategist at MelvinAfrica, said financial services must integrate seamlessly, allowing users to access banking, insurance, pensions, and investments on one platform. She warned that if the system fails to adapt, young people will abandon it. Yetunde Ilori, President of the Chartered Insurance Institute of Nigeria (CIIN), announced a free training initiative targeting one million youths.
NAICOM's push for youth inclusion only matters if the industry stops treating young Nigerians like afterthoughts. Yetunde Ilori's pledge of free training for one million youths is the only concrete step in a sea of speeches. Without accessible products and real-time digital integration, insurance remains a distant concept for most young people. Talking about youth advantage while maintaining outdated systems changes nothing.
