Market News

From Adanna Nnamani, Abuja

Federal Government is taking decisive steps to halt the billions of naira spent annually on repatriation by developing a new travel insurance plan in partnership with the National Insurance Commission (NAICOM) and the Ministry of Interior.

The initiative was discussed during a working visit by NAICOM’s leadership to the Minister of Interior, Dr. Olubunmi Tunji-Ojo, in Abuja. According to a statement issued by the Commission, the engagement marks a major push to strengthen insurance penetration, reduce government liabilities and improve economic stability.

Leading the delegation, the Commissioner for Insurance, Mr. Olusegun Omosehin, met with the Minister to explore collaborative strategies for national growth, with travel insurance emerging as a central pillar of the conversation. The proposal aims to shift the heavy financial load of repatriating individuals entering Nigeria on short-stay visas from taxpayers to an insurance-backed mechanism. Government officials say this single intervention could save the country billions of naira and ensure a more sustainable approach to managing such cases.

A key outcome of the meeting was the decision to establish a technical working group to design the framework for the travel and repatriation insurance policy. The group will also oversee the rollout process and ensure seamless coordination among relevant agencies. The discussions further highlighted the need for stronger data verification systems to curb fraud and enhance efficiency, with the National Identity Management Commission expected to play a central role in synchronising identity data across the insurance and immigration ecosystem.

NAICOM used the visit to reaffirm its advisory role to the government and its commitment to driving reforms that deepen insurance penetration nationwide. The Commission stressed the importance of transferring certain government liabilities to the insurance sector as a more cost-effective and innovative way to manage national risks. It also underscored its resolve to strengthen regulatory oversight through an enhanced solvency and intervention framework that guarantees consumer protection and sector stability.

Omosehin commended the Minister for his achievements in the Ministry of Interior and expressed NAICOM’s readiness to partner closely with the ministry to advance reforms, improve data exchange and boost public confidence in the insurance sector. He emphasised that a stronger insurance system is critical to Nigeria’s long-term economic aspirations.

Responding, Tunji-Ojo praised NAICOM for restoring trust in the sector and urged insurance operators to raise service standards and deliver modern, innovative products that match the needs of today’s consumers.

He described insurance as a backbone of any strong economy, noting that “you cannot grow an economy without growing your insurance sector.” The Minister reiterated the Ministry’s commitment to supporting solutions that protect Nigerian citizens while reducing the financial strain on government resources.