Daniel Adaji<\/p>\n
The National Insurance Commission (NAICOM) has called for inclusive financial strategies targeting Nigeria\u2019s informal sector workers, many of whom face retirement without adequate savings or structured pensions.<\/p>\n
Speaking at the 2025 Inspenonline Retirement Summit held in Lagos on Wednesday, NAICOM Chief Executive Officer, Olusegun Omosehin\u2014represented by Julius Odidi, Director of the Commission\u2019s Lagos Office\u2014highlighted the urgent need to extend financial planning tools to underserved populations.<\/p>\n
\u201cWe must work to ensure [financial products] are accessible, transparent, and aligned with the evolving needs of our aging population. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains,\u201d Omosehin said.<\/p>\n
He stressed the importance of financial literacy and access to insurance products like annuities and life policies, particularly for informal workers who often fall outside the formal pension system.<\/p>\n
\u201cThese products are not just financial instruments; they are vital tools for peace of mind in later life,\u201d he said, urging stakeholders to leverage micro-insurance and digital platforms to expand retirement coverage.<\/p>\n
The summit comes amid rising concerns over retirement insecurity, inflation, and inadequate pension savings. According to NAICOM, long-term planning is critical in mitigating risks from market volatility and demographic shifts.<\/p>\n
\u201cThe reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. These economic headwinds are not merely statistics; they represent the lived experiences of millions of our citizens,\u201d Omosehin noted.<\/p>\n
In line with this, he called for regulatory coordination across insurance, pension, and financial sectors to build a cohesive support framework for retirees.<\/p>\n
Echoing this view, Lagos Chairperson of the Nigeria Labour Congress (NLC), Funmi Sesi, urged federal and state governments to enforce compliance with the Contributory Pension Scheme (CPS), noting that only six states are currently compliant. She also stressed the need for prompt gratuity payments to reduce hardship among retirees.<\/p>\n
Chuks Okonta, Publisher of Inspenonline and summit organizer, called for a cultural shift in how Nigerians perceive retirement.<\/p>\n
\u201cOur goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty,\u201d he said.<\/p>\n
Highlighting private sector contributions, Stanbic IBTC Insurance Managing Director, Akinjide Orimolade, unveiled the Sunset Benefit Plan\u2014a new insurance product aimed at helping individuals prepare proactively for life after work.<\/p>\n
The stakeholders called for regulatory reforms, broader insurance coverage, and inclusive innovation to ensure every Nigerian\u2014especially those in the informal economy\u2014can retire with dignity.<\/p>\n","protected":false},"excerpt":{"rendered":"
Daniel Adaji The National Insurance Commission (NAICOM) has called for inclusive financial strategies targeting Nigeria\u2019s informal sector workers, many of whom face retirement without adequate savings or structured pensions. Speaking…<\/p>\n","protected":false},"author":1,"featured_media":118517,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-118516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n