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

Tinubu’s Biggest Opponent is Not Obi or Atiku… It’s Tinubu

  By Moses Braimah "A government that spends more time explaining...

NHIA: 22m Nigerians Embrace Mandatory Health Insurance as Momentum Rises

The National Health Insurance Authority (NHIA) has announced significant...

Warrior Mums Global to Host Inaugural Warrior Mums Conference 2026 in Lagos

  Empowering Mothers to Raise Leaders, Nation Builders and...

NLNG Wins Operational Excellence Award at NOG Energy Week 2026

NLNG Managing Director, Adeleye Falade (centre), flanked by Deputy...

Polo Avenue Invites Lagos to Its Exclusive 2026 Sample Sale

Polo Avenue, Nigeria's premier luxury fashion destination, is set...

Topics

PenCom DG, Kogi Governor Reaffirm Commitment for Pension Reforms

The Director-General of the National Pension Commission (PenCom), Ms....

Segun Agbaje: Using Fairs to Redefine Retail Banking, SME Lending – By Adekunle Olushola

Segun Agbaje, the Managing Director/CEO of Guaranty Trust Bank...

Afreximbank Unveils $3bn Facility to Cushion Impact of COVID-19

    Prof. Benedict Oramah President of Afreximbank The African Export-Import Bank (Afreximbank)...

Kenya, 1st Country to Launch ‘Novartis Access’ for Affordable Health

Novartis has announced the launch of Novartis Access in Kenya, the first country to benefit from a portfolio of 15 affordable medicines to treat cardiovascular diseases, diabetes, respiratory illnesses, and breast cancer. The Novartis portfolio is being offered to the Kenyan government, non-governmental organisations and other public-sector healthcare providers for USD 1 per treatment, per month.

CTO to Celebrate 115 Years of Existence

Activities to mark the 115th anniversary of the Commonwealth...