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Insurance Commission seeks partnership with Youth Ministry, National Orientation Agency

Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande has sort for collaborative arrangements with the National Insurance Commission (NAICOM) in an effort to better the fortunes of Nigerian youths.

This desire was expressed by the Minister when he paid a courtesy visit to the Commissioner for Insurance Mr. Olorundare Sunday Thomas in Abuja recently.

The Minister had stated that the purpose of the visit was primarily to discuss potential collaboration opportunities between the Federal Ministry of Youth Development and NAICOM in advancing youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.

Commissioner for Insurance in his remark welcomed the Hon. Minister and gave a brief history and overview of the Nigerian insurance industry, the administrative structure of the Commission as well as its achievements in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.

The Minister for State, Mr. Ayodele Olawande in his remark thanked the NAICOM management for the warm reception. He expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills. He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youth could learn vocational and digital skills.

He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurances.

The CFI promised to convey the Minister’s request to relevant parties (The Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management) within the Nigerian Insurance Industry.

Meanwhile,  Commissioner for Insurance and  Chief Executive Officer of the National Insurance Commission, NAICOM Mr. Olorundare Sunday is entered into discussions with the Director General of the National Orientation Agency (NOA) Mallam Lanre Issa-Onilu in a move to explore ways of collaboration in order to give Nigerians the right orientation with regards to Insurance by leveraging their strategic network as to reach-out to Nigerians on the benefits of insurances. This came when the Commissioner for Insurance paid a courtesy visit on NOA in Abuja.

In his remark, the DG of NOA enjoined NAICOM to leverage on its structure, reach, platforms as well as understanding of the locality where they have presence and promised to work closely with NAICOM. In addition, he gave a personal testimony when in 2007 his private car was stolen, but thanks to insurance the claim was promptly settled. The terms for the collaboration to developed.



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