The Federal Government has launched a financial protection plan to provide insurance coverage for millions of uninsured Nigerians. This initiative is part of the 'Aso Accord' and aims to transform Nigeria's insurance landscape. The plan was unveiled at a roundtable meeting at the State House, where Deputy Chief of Staff to the President, Sen. Ibrahim Hassan Hadejia, emphasized the importance of financial inclusion through insurance access for sustainable economic growth.
According to Dr. Jankara Usman, Deputy Commissioner Technical at the National Insurance Commission, Nigeria's insurance penetration stands at 3.3%, significantly below global standards. He cited World Bank data showing that only two out of five adults in Sub-Saharan Africa can raise $35 within 30 days. The initiative seeks to address this financial vulnerability by providing tailored and affordable insurance products.
Several innovative proposals emerged from the roundtable meeting, including enabling insurance purchases through phone airtime, developing micro-insurance products for low-income segments, integrating blockchain technology for insurance delivery, and creating digital platforms for agricultural insurance coverage. The government has established a monitoring framework to ensure effective implementation, focusing on specialized committees, risk management programs, public-private partnerships, and inter-agency collaboration.
The initiative has garnered support from major institutions, including the Nigeria Insurance Association, National Health Insurance Authority, Central Bank of Nigeria, and other regulatory bodies. Technical Advisor to the President, Dr. Nurudeen Zauro, noted that the meeting demonstrates President Bola Ahmed Tinubu's administration's commitment to the insurance sector. The outcomes of the meeting will be presented to the National Economic Council.
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