Proactive risk management key to Nigeria’s development—NAICOM

National Insurance Commission has called for a proactive, data-driven, forward-looking risk management approach to boost national development. Olusegun Omosehin, the commissioner for insurance, made the call during the Risk Managers Society of Nigeria’s 40th anniversary celebrations in Lagos. Mr Omosehin urged stakeholders to be committed to advancing risk management practices that align with Nigeria’s development aspirations. He said, “As we evaluate the impact of risk management on national development, we must embrace a proactive, data-driven and forward-looking approach. Risk management should not be seen as a reactive measure but as a strategic tool embedded in governance, infrastructure planning, enterprise development and public policy. “I encourage all stakeholders to deepen collaboration, share insights, and commit to advancing risk management practices that align with Nigeria’s development aspirations. Together, we can build a more resilient, secure and prosperous nation.”
Mr Omosehin noted that risk management could be considered a cornerstone of sustainable development. He said in today’s interconnected world, the ability of public and private institutions to identify, assess, and respond to risks was central to national resilience and progress. He said that in Nigeria, it could be observed how the lack of structured risk mitigation had hampered growth. He said this could be seen from business disruptions to the socio-economic consequences of climate-related disasters, cyber threats and public health emergencies. “The insurance industry, under the regulatory oversight of NAICOM, plays a pivotal role in fostering a robust risk management culture in Nigeria. Through risk transfer mechanisms, insurance not only provides a financial safety net but also promotes stability, investment and innovation,” the insurance commissioner explained. He added, “Our regulatory framework is focused on enhancing the capacity of insurers to underwrite risks while ensuring policyholders are protected. “We are also working to expand insurance penetration, particularly among underserved communities, so that risk mitigation is inclusive and equitable.”