The Chairman of Rex Insurance Limited, Mr. Ike Chioke, has called for stronger frameworks in Nigeria’s insurance and pension industries to drive economic growth and deepen financial inclusion.
Chioke, who also serves as the Group Managing Director of Afrinvest Limited, made the call at the 10th Anniversary Conference of the Nigerian Association of Insurance and Pension Editors (NAIPE), held on Tuesday in Lagos. The event brought together professionals, regulators, and key stakeholders in the financial services sector.
In his paper titled “Strengthening Insurance and Pension Frameworks for a Better Economy”, Chioke explained that the insurance and pension sectors were critical to long-term economic stability. He stressed that both industries must be strengthened to enable them to play their roles as reliable pillars of financial security and contributors to national development.
Represented by the Group Deputy Managing Director of Afrinvest Limited, Mr. Victor Ndukauba, Chioke noted that “insurance and pensions are twin pillars of financial security that not only protect against risks but also mobilise long-term capital and foster sustainable growth. They are not mere financial products; they are the backbones for a resilient economy. To transform these sectors into engines of economic growth, we must strengthen their frameworks at all levels.”
The conference also featured leading figures such as the Commissioner for Insurance, Mr. Olusegun Omosehin; former Commissioner for Insurance, Mr. Sunday Thomas; Director-General of the National Pension Commission, Ms. Omolola Oloworaran; Managing Director/Chief Executive Officer of Rex Insurance, Mrs. Ebelechukwu Nwachukwu; and Executive Director of Business Development, Mr. Sunny Uwagboi.
Chioke acknowledged that progress had been made in both sectors, particularly in reforms that had boosted penetration and regulatory oversight. However, he pointed out that emerging challenges required fresh strategies. These include the integration of Environmental, Social, and Governance (ESG) standards, the rising role of Artificial Intelligence in operations, growing cybersecurity risks, and the evolving dynamics of the workforce, especially the growth of the gig economy.
He explained that Nigeria’s insurance sector, despite reforms, still struggles with low penetration compared to other African markets, while the pension industry faces the task of expanding coverage beyond the formal sector into the informal economy.
Chioke said addressing these gaps would require collaboration between regulators, operators, and policymakers, as well as increased public sensitisation on the importance of insurance and pension products. He added that sustained regulatory innovation would be crucial to keeping pace with global trends.
“The role of the pension industry in mobilising long-term savings for investment in infrastructure and the insurance industry’s ability to provide risk protection for individuals and businesses cannot be overemphasised. Both sectors must be retooled to serve as true engines of sustainable growth,” Chioke stated.
The conference served as a platform for stakeholders to exchange ideas and chart a pathway for deepening the contribution of insurance and pensions to the Nigerian economy. Participants also discussed how the sectors could leverage technology, strengthen corporate governance, and attract new investment.
In her remarks, Mrs. Ebelechukwu Nwachukwu, Managing Director of Rex Insurance, said the partnership between industry players and regulators must continue to strengthen to ensure a robust system that benefits the wider Nigerian public. She added that the future of the sectors depended on sustained trust, innovation, and responsiveness to changing needs.
The Director-General of the National Pension Commission, Ms. Omolola Oloworaran, reiterated the Commission’s commitment to reforms that would expand pension coverage, especially for workers in the informal sector. She explained that broadening participation in the pension scheme would not only improve retirement security but also increase the pool of investible funds for economic growth.
On his part, the Commissioner for Insurance, Mr. Olusegun Omosehin, assured stakeholders that the National Insurance Commission (NAICOM) was committed to ensuring that reforms in the sector deliver tangible benefits to policyholders and the economy at large. He highlighted the need for continuous innovation and capacity building to meet global standards.
At the close of the conference, Chioke again emphasised the importance of greater collaboration, regulatory innovation, and public awareness campaigns. He said that with stronger frameworks, insurance and pensions could become central pillars of Nigeria’s growth story.
