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Nigeria’s Insurance Industry Witnesses Remarkable Growth In 2022

The Nigerian Insurers Association (NIA) recently announced a remarkable surge in premium volume, with the industry reaching a staggering N726.2 billion in 2022. This significant growth was disclosed during the association’s 52nd Annual General Meeting held in Lagos.
Mr Olusegun Omosehin, the Chairman of NIA, highlighted this achievement, emphasizing that it marked a substantial 33.9 percent increase compared to the previous year’s premium income of N569.1 billion.
Enhancing Economic Prosperity: The Role Of Nigeria’s Insurance Industry
Despite the economic challenges faced by the nation, Nigeria’s insurance industry has consistently proved itself as an essential economic driver and a safeguard for national assets. Recognizing the pivotal role played by the industry, NIA has been actively collaborating with the National Insurance Commission (NAICOM) and other stakeholders within the financial services and technology sectors. The primary objective of this collaboration is to promote and enhance the business of insurance, ultimately contributing to the growth of the nation’s Gross Domestic Product (GDP).
Stimulating Economic Growth Through Strategic Collaborations
NIA’s collaboration with NAICOM and other key players in the financial services and technology segments holds tremendous potential for the insurance industry. By joining forces, they aim to increase insurance penetration and density, resulting in a more robust and prosperous sector. This strategic partnership is a testament to the dedication of the industry in expanding its footprint and ensuring the well-being of both businesses and individuals in Nigeria.
Exploring New Avenues For Growth And Development
The insurance industry is continually seeking innovative approaches to foster growth and development. With the advancements in technology, the sector is embracing digital transformation to streamline operations and provide better services to policyholders. By harnessing the power of technology, insurers can enhance efficiency, improve customer experience, and expand their reach across the country.
Nurturing Trust And Confidence In Insurance
Building trust and confidence among the Nigerian population is crucial for the long-term sustainability and growth of the insurance industry. The sector is keen on implementing robust consumer protection measures and enhancing transparency to instill faith in insurance products and services. Through effective communication and education, insurers strive to empower individuals with knowledge about the benefits and importance of insurance, ensuring a more financially secure future for all.
The Role Of Regulatory Bodies In Shaping The Insurance Landscape
Regulatory bodies such as NAICOM play a pivotal role in shaping the insurance landscape of Nigeria. By establishing comprehensive guidelines and ensuring adherence to industry standards, these regulatory bodies foster an environment of stability and reliability. Through proactive oversight, they protect policyholders’ interests and uphold the integrity of the insurance sector, ultimately contributing to its sustained growth.
Driving Economic Progress: Insurance’s Contribution To The National GDP
One of the primary objectives of the insurance industry’s collaboration with stakeholders is to increase its contribution to Nigeria’s Gross Domestic Product (GDP). By expanding the reach of insurance services, both in terms of the number of people covered and the variety of products available, the industry can become an even more significant driver of economic progress. A robust insurance sector not only provides financial security to individuals but also supports businesses in mitigating risks and promoting investment.
The Path Ahead: Embracing Opportunities And Overcoming Challenges
While the Nigerian insurance industry has achieved remarkable growth, there are still challenges to address and opportunities to embrace. Emphasizing digitalization, expanding insurance awareness campaigns, and enhancing product innovation are key areas that demand attention. By embracing these opportunities and devising solutions to overcome challenges, the industry can continue its upward trajectory, contributing to the nation’s economic prosperity.
Nigeria’s insurance industry has witnessed tremendous growth, recording a significant surge in premium volume in 2022.
News
Shocking Video: Bandits Conduct Eid Prayers In Kaduna Forest

In a startling turn of events, a video has surfaced online showing a group of armed bandits conducting Eid prayers deep within the forests of Kaduna State, Nigeria.
The footage, which has sparked widespread alarm, was shared by counter-insurgency expert Zagazola Makama on his account on Tuesday, April 1, 2025.
According to reports, the armed groups gathered in at least two distinct locations Maidaro, Sabon Birni, and East Kaduna, within the Dogon Dawa Forest.
The bandits armed with a variety of sophisticated weapons. In addition to carrying automatic rifles, the bandits were seen equipped with drones and mobile phones, suggesting an alarming level of coordination and access to technology.
Security analysts, including Makama, have expressed deep concern over the implications of this gathering. Tagging both the Nigerian Army and the Defence Headquarters (DHQ) in his post, Makama emphasised the urgent need for strategic countermeasures against these criminal elements.
National
APC Youth Group Counters Jaji’s Claims Against Matawalle

The National Youth Vanguard of Nigeria’s ruling All Progressives Congress (APC) has rejected allegations made by Honourable Aminu Sani Jaji, who accused the Minister of State for Defence, Bello Muhammed Matawalle, of orchestrating claims of anti-party activities against him.
In a statement issued on Saturday, the group’s National Publicity Secretary, Dr Adeniyi Wale, described Jaji’s accusations as “baseless” and an attempt to distract from his own political manoeuvres.
“Jaji has long positioned himself as a loyal APC member and a unifying force within the party, but his actions suggest otherwise. His political moves appear more self-serving than focused on party unity,” Wale said.
The APC Vanguard emphasised that Nigerians deserve transparent and accountable leaders rather than those who, it said, manipulate public trust for personal gain. The group also questioned Jaji’s credibility, citing what it described as a pattern of inconsistency in his political engagements.
“The remarks made by Jaji not only lack substantiation but also raise concerns about his reliability and judgment,” the statement read. “Leadership is not merely about holding a position of power; it is about demonstrating qualities that inspire trust and confidence among the people.”
The group commended Minister Matawalle for his efforts in strengthening national security and promoting peace. It said his leadership had contributed significantly to fostering unity and improving community relations across the country.
“Minister Matawalle exemplifies the qualities of effective leadership. Under his stewardship, significant progress has been made in enhancing national security and community relations,” the statement said.
The APC Vanguard further criticised Jaji’s leadership approach, accusing him of lacking the foresight and responsibility required for credible governance.
“This pattern of inconsistency not only weakens the integrity of his decisions but also erodes the confidence of party members and stakeholders who seek dependable representation,” Wale added.
The group reaffirmed its support for Matawalle and urged APC members to remain focused on unity and national progress while rejecting divisive rhetoric that could undermine the party’s strength.
News
Two brothers Launch Sardaunan Ikulu Fans Foundation, Sponsor WAEC Registration For 50 vulnerable Students

By Israel Bulus, Kaduna
In a significant effort to promote education, two brothers have launched the Sardaunan Ikulu Fans Foundation, sponsoring the West African Examinations Council (WAEC) registration for 50 vulnerable students in Kamaru Ikulu Ward, Zango-Kataf Local Government Area of Kaduna State.
Speaking at the launch on Tuesday, Yusuf Ismail Ashafa, popularly known as Sardaunan Ikulu, urged the beneficiaries to remain dedicated to their studies and strive for academic excellence. He assured them that the foundation would continue to support outstanding students by facilitating their admission into higher institutions.
Ashafa also called on parents to play an active role in motivating their children to focus on education, emphasizing that their success would contribute to a brighter future for the community.
Meanwhile, Ashafa, who played a crucial role in the emergence of Engr. Bege Gaiya Joseph as the Executive Chairman of Zango-Kataf Local Government Area, expressed deep appreciation for Joseph and his brother, Reuben Richman Bissla, for sponsoring the students’ WAEC registration in his honor.
He pledged to build on these efforts, ensuring continued support for students’ education as a means of fostering societal development.
In his remarks, the co-sponsor, Engr. Joseph Bege Gaiya, popularly known as Lordbeckson, disclosed that the initiative was aimed at improving the education of the most vulnerable students for the betterment of society.
“I am one of the beneficiaries of the goodwill of Sardaunan Ikulu. If he had wanted to become the Council Chairman, he would have been, but he decided to push me forward, and today I am the Council Chairman through his mentorship,” he stated.
He urged the beneficiaries to consider themselves fortunate and to take full advantage of the opportunity by studying hard to achieve excellent results.
“With the establishment of the Federal University of Applied Sciences in Kachia, we must ensure that our students pursue science courses. We cannot afford to have a Federal University in our region and yet have our children unable to gain admission to study science-related fields,” he added.
The initiative has been widely commended as a timely intervention, helping underprivileged students overcome financial barriers to education.