Expert Laments Low Insurance Penetration Despite Youth Population

Dr. Akeem Oyewale, the Chief Executive Officer of Marble Capital Limited, who delivered the keynote paper at the recent BusinessToday Annual Conference in Lagos said a financially empowered youth population boosts national savings and investments, just as higher insurance adoption reduces reliance on government social support, creating a more sustainable economy.

The theme of the conference was “Banking on the Future: Youths, Pension and Insurance Penetration.”

Oyewale lamented however that despite the growing youth population, insurance adoption remains alarmingly low, with Nigeria’s insurance penetration at just 0.5% of GDP, with minimal youth engagement.

“While the global average stands at 6.80%, Nigeria’s rate is significantly lower, suggesting that the country’s insurance sector is underdeveloped. Even in the African context, Nigeria’s penetration rate lags far behind leaders like South Africa (11.54%) and Namibia (7.41%).”

In his goodwill message, Mr. Segun Omosehin, the Commissioner for Insurance and CEO at NAICOM said the Commission is focused on driving innovation and expand youth penetration in the insurance sector in Nigeria.

“As the future depends on how we engage and equip our youth, it’s essential to prioritise their exposure and relevance in the financial sector. To achieve this, the Commission is focusing on building trust and driving innovation to cater to the evolving needs of our growing young population. By that, we encourage the insurance industry to ensure that insurance products and services are tailored to meet the unique requirements of younger generations, promoting financial inclusion, stability and greater adoption of digital insurance solutions.”

He said by emphasising youth engagement and promoting financial literacy, there is a huge opportunity to unlock the potential for growth and development in the insurance sector. This he added, will in turn, contribute to the overall economic prosperity of Nigeria, as the insurance industry plays a vital role in mobilising long-term savings, financing infrastructure projects and promoting risk management.

“As a Commission, we are committed to building trust and driving innovation which will pave the way for a more inclusive and sustainable financial system, where the needs of the young generation are at the forefront.”

He said to secure the financial future of young people, stakeholders must rethink engagement strategies by offering youth-friendly financial products to meet the unique needs of young people, strengthening financial education by introducing targeted literacy programs, leverage workplace initiatives to promote insurance participation.

“Insurance services are key initiatives that when made youth-friendly, can change the face of capital formation and wealth dynamics in Nigeria.”

 

Hot this week

Nigerian-Born Founder Unveils WillsRecord from Silicon Valley to Build World’s First AI Music Economy Ecosystem

A new platform brings AI music creation, streaming, distribution...

E-Waste Dialogue 2026: NCC, NLNG Drum Support for ITREALMS Multi-Stakeholder Forum

As preparations intensify for the 2026 edition of the...

NEDOGAS MD, Debo Fagbami, to Chair Realnews 14th Anniversary Lecture

The Management of Realnews Magazine and Publications Limited, Publishers...

‘Insurance Must Become Visible First Before It Can Become Universal’

  By Niyi Onifade Managing Director/CEO Heirs Life Assurance Opening Argument: Nigeria...

Capital is Critical in Energy Investment, Not Resources Alone —NLNG MD

Adeleye Falade, NLNG’s MD/CEO (second from right), participated in...

Topics

Investors Lost N124.2bn as Stock Market Tumbles

It was a sad day yesterday on the floor...

Maida Excited at Nigeria’s Success at World Radio Communications Conference 2023

Executive Vice Chairman/ Chief Executive Officer, Nigerian Communications Commission, Dr....

Mental Health: Experts Seek Inclusive Care, Highlight Immigrants’ Hidden Struggles

Experts have called for inclusive mental healthcare in Nigeria,...

Technology: Urine as Power Source for Electronic Devices

Researchers at the University of Bath, United Kingdom ...

RMRDC Targets 30% Value-Added Policy on Export of Local Raw Materials

The Raw Materials Research and Development Council (RMRDC) says...

‘Strategic Use of FOI Act Must Promote Transparency, Accountability, Public Participation in Governance’

  Communiqué Issued at the close of a Multi-stakeholder Conference to...

Sterling HoldCo Sustains Growth Momentum with Strong Q4 Projection

Sterling Financial Holdings Company Plc has sustained its growth...

Angola: Top Beneficiary of $89.6bn Chinese Loans to Africa

From 2000 to 2014, Angola received 23% of Chinese...