To improve youth financial literacy, entrepreneurship, and career development, the Federal Ministry of Youth Development and the National Insurance Commission (NAICOM) have joined to investigate possible synergies.
This was decided upon during the commission’s meeting with Ayodele Olawande, the Ministry of State for Youth Development when the latter paid a visit to Sunday Thomas, the NAICOM Commissioner for Insurance.
Thomas gave an overview of the Nigerian insurance industry’s landscape at the meeting and emphasized the country’s accomplishments in the areas of financial inclusion, risk-based oversight, and the adoption of international accounting standards.
In addition, he reaffirmed NAICOM’s dedication to promoting regional cooperation via programs such as the College of Insurance Supervisors of the West African Monetary Zone and the West African Insurance Supervisors Association.
Olawane, for his part, emphasized the ministry’s commitment to youth empowerment by highlighting programs like the Nigerian Youth Academy (NIYA), an online resource created to give young Nigerians digital and practical skills. He proposed working with NAICOM to include an insurance education module into the NIYA platform to improve career development, entrepreneurship, financial literacy, and youth training while raising awareness of the advantages of insurance.Â
In response, Thomas pledged to help bring the Minister’s idea to reality by facilitating talks with pertinent parties in the Nigerian insurance sector, such as the College of Insurance and Financial Management and the Chartered Insurance Institute of Nigeria.
