- Senator Abiru engages financial sector leaders at EnterpriseNGR forum
- Calls for effective implementation of Nigerian Insurance Industry Reform Act
- Emphasizes role of insurance sector in economic resilience and development
The Senator representing Lagos East Senatorial District and Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mukail Adetokunbo Abiru, has emphasized the need for stronger implementation of reforms to reposition Nigeria’s insurance sector as a key driver of economic growth and financial stability.
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Eko Hot Blog reports that Senator Abiru made this know during the Insurance Sector Consultative Forum organized by EnterpriseNGR, where leaders across Nigeria’s financial services sector gathered to discuss strategies for strengthening the insurance industry.
The forum focused on advancing reforms within the sector following the passage of the Nigerian Insurance Industry Reform Act, which aims to modernize the regulatory framework guiding insurance operations in the country.
Speaking at the event, Senator Abiru described the new legislation as a major milestone that will help reposition the industry for credibility, sustainability, and long-term growth.
“The passage of the Nigerian Insurance Industry Reform Act marks an important turning point for our country,” he said.
He noted that for years the sector operated under an outdated legal structure that did not reflect modern realities, technological progress, or global best practices.
“For many years, the sector operated within an outdated legal framework that did not fully reflect modern realities, technological advancement, or global best practices,” Abiru stated.
The senator, however, stressed that the real impact of the reform will depend largely on effective implementation.
“Legislation alone does not transform a sector. What truly matters is implementation,” he said.
According to him, stakeholders must now focus on strengthening governance within the industry, improving claims settlement processes, expanding insurance coverage for households and small businesses, and restoring public confidence in insurance services across Nigeria.
Senator Abiru further highlighted the strategic role of a well-capitalised insurance sector in supporting national economic resilience.
“A strong and well capitalised insurance sector is vital for Nigeria’s economic resilience,” he explained.
He added that a vibrant insurance industry can help farmers manage climate-related risks, protect small and medium enterprises from business disruptions, enhance financial security for families, and mobilize long-term investment capital needed for infrastructure and national development.
Reaffirming his commitment as Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Abiru pledged continued collaboration with regulators, industry leaders, and institutions such as EnterpriseNGR to ensure that the reforms deliver measurable progress.
“Together, we can build a more resilient, innovative, and globally competitive insurance sector that supports sustainable economic growth and shared prosperity for our nation,” he concluded.
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