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

NPW: Future of Retirement Security Depends on Early Planning-PenCom DG

Ms. Omolola Oloworaran, Director-General, National Pension Commission (PenCom) says...

Stanbic IBTC Pension Managers Supports PenCom’s Inaugural National Pension Week 2026

Stanbic IBTC Pension Managers, a subsidiary of Stanbic IBTC...

RMB Strengthens China–Africa Corridor with Opening of Beijing Advisory Business

  Building a bridge for China-Africa, connecting Chinese capital,...

Ecobank Advances Youth Innovation as Top 20 InnovateX Finalists Emerge for N20m Prize Pool

Ecobank Nigeria has announced the Top 20 finalists for...

Ecobank Advances Youth Innovation as Top 20 InnovateX Finalists Emerge for N20m Prize Pool

Ecobank Nigeria has announced the Top 20 finalists for...

Topics

ALTON Hails NCC Chief, Umar Danbatta, for Quality Regulation of Telecom Sector

The Chairman of the Association of Licensed Telecoms Operators...

Stanbic IBTC: Most Outstanding Bank Supporting Women-Owned Businesses

Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC...

‘Only 3% of Depositors Lack NDIC Cover in Case of Bank Collapse’

KEYNOTE ADDRESS BY THE MANAGING DIRECTOR/CHIEF EXECUTIVE, NIGERIA DEPOSIT...

ALLEGATIONS AGAINST SEPLAT, ROGER BROWN (CEO): BETWEEN FACTS AND FICTION

  Empower Nigeria, a Non-Governmental Organisation (NGO) dedicated to the...

AMCON Acquired N3.7tr NPLs, Injected N2.2tr into 10 Banks

The Asset Management Corporation of Nigeria (AMCON) has so...

Rand Merchant Bank Nigeria Acts as Lead Issuing House on the N236bn PRESCO Rights Issue

Rand Merchant Bank Nigeria Limited is pleased to announce...

Philanthropist Revives Critical Thinking with South-East Campus Debate Oct 17

Dr. Ikenna Okafor, a philanthropist and businessman says the...