$1trn Economy: Insurance Brokers Launch Nationwide Support Drive

The Nigerian Council of Registered Insurance Brokers, NCRIB, has launched a nationwide support initiative for Nigeria's proposed $1 trillion economy.

Tagged "One Trillion Insurance Industry" and unveiled in Abuja, the initiative which is expected to serve as the pilot stage, is aimed at deepening insurance penetration across the country, targeting both corporate entities and underserved communities.

Speaking at the launch, President and Chairperson of the Governing Board of NCRIB, Mrs. Ekeoma Ezeibe, highlighted the strategic importance of insurance in economic development, noting that risk management remains a key pillar for sustainable growth.

Mrs Ezeibe, who emphasised compulsory liability insurances under the Insurance Industry Reform Act 2025, including third-party motor insurance, occupier’s liability for public buildings, builders’ liability insurance, healthcare professional indemnity, and credit facility insurance, pointed out that insurance brokers, as the largest distributors of insurance products, are uniquely positioned to drive inclusion and economic resilience.

“By ensuring that both corporates and underserved populations are adequately covered, insurance brokers are making a direct contribution to Nigeria’s GDP and long-term economic sustainability,” she said.

Mrs. Ezeibe also acknowledged the operating challenges within the sector, assuring members of NCRIB’s readiness, working closely with the National Insurance Commission, NAICOM, to provide regulatory guidance, capacity building, and support for mergers and acquisitions where necessary.

According to her, the initiative reflects NCRIB’s broader commitment to raising insurance awareness, expanding coverage, and positioning the industry as a catalyst for national development. She called on stakeholders to embrace reform, compliance, and innovation, stressing that digital adoption and collaboration would be critical drivers of sectoral growth in 2026 and beyond.

Abuja Committee Emphasizes Growth and Reform Also speaking at the meeting, Chairman of the NCRIB Abuja Area Committee, Ojo Richard, pointed out that the gathering was designed to review industry performance, identify challenges, and unlock growth opportunities within the insurance ecosystem.

He identified low insurance penetration, limited technology adoption, and public mistrust as major constraints holding the sector back.

“Insurance penetration in Nigeria remains low, and this affects premium income as well as the range of financial services available to the public. Increasing penetration will translate to higher revenues and stronger contributions to the economy,” he stated.

Richard emphasized the urgent need for technology adoption and digital literacy, noting that modern insurance services are increasingly delivered through online and mobile platforms.

On taxation, he clarified that insurance premiums are exempt from federal taxes, while commissions earned by agents and companies remain subject to VAT.

“This tax exemption encourages public participation in insurance while ensuring that industry operators remain compliant with government regulations,” he explained.

Richard, who is at the forefront of Abuja rollout,noted that the initiative represents a turning point for insurance penetration and public trust in the industry.

According to him, insurance remains one of Nigeria's underutilized economic tools despite its potentials to protect businesses,create jobs and stabilise the financial system. Under his leadership, the Abuja Area committee, is positioning itself as a model for Innovation, compliance and and stakeholder collaboration, aligning with NCRIB's broader vision of a unified and growth-driven insurance industry.

Industry observers say Richard's emphasis on reforms, digital adoption and strategic engagement reflects a new generation of leadership focused on making insurance relevant to everyday Nigerian and central to the nation's economic aspirations.

Insurance professional and risk manager, Odunayo Bammeke, stressed the importance of knowledge sharing, compliance with the Nigerian Insurance Act and the Tax Reform Act, and proactive engagement across the industry.

He called on stakeholders to abandon complacency, embrace digitalization, and work collaboratively for the overall benefit of the Nigerian economy.

“Driving the philosophy of one insurance industry means every participant, brokers, underwriters, loss adjusters, reinsurers, and regulators must learn to cooperate and work as a team. 

“Digitalization has come to stay, and those who position themselves early will reap the greatest benefits,” Bammeke said

As Nigeria intensifies efforts to build a $1 trillion economy, the insurance sector is also stepping up, with the Nigerian Council of Registered Insurance Brokers, NCRIB, launching the One Insurance Industry initiative-starting from Abuja.