The Nigerian Council of Registered Insurance Brokers (NCRIB) has said stronger collaboration among operators and a more unified insurance industry could unlock significant value for Nigeria’s economy.
Speaking at a stakeholders’ event in Lagos, NCRIB President, Ekeoma Ezeibe, said the insurance sector must operate as a coordinated force to drive growth, innovation, and public confidence.
Ezeibe noted that Nigeria’s insurance industry has vast but largely untapped potential, stressing the need for purposeful growth that prioritises customers, empowers brokers, and makes insurance more relevant to everyday life.
She disclosed that the sector currently contributes less than one per cent to Nigeria’s estimated $477 billion Gross Domestic Product (GDP), underscoring the significant room for expansion if industry players align around shared objectives.
According to her, a unified insurance industry should be anchored on four key pillars: capacity building, industry advocacy, innovation and technology, and deeper member engagement.
The NCRIB president added that her administration plans to work closely with insurers, regulators, and other industry associations to create an enabling environment for sustainable growth.
While acknowledging challenges such as low insurance penetration, trust deficits, and regulatory complexity, Ezeibe described them as opportunities for collaboration and innovation within the sector.
She expressed confidence that with the right leadership and collective commitment, the insurance industry could unlock its full potential and play a more meaningful role in Nigeria’s economic development.
Also speaking at the event, insurance industry stakeholder Funmilayo Abimbola Omo pledged support for NCRIB’s vision of building a stronger and more cohesive insurance sector.
Written by Abimbola Oyetunde