NAICOM, RMAFC Partner to Boost Revenue Generation, Economic Growth

The National Insurance Commission (NAICOM) and the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC) have joined forces to explore collaborative opportunities to boost revenue generation and economic growth in Nigeria.

The partnership was formalized during a working visit by the RMAFC team, led by Engr. Sani Mohammed Baba, to the NAICOM headquarters in Abuja on Tuesday, May 14, 2024.

Speaking during the visit, the Commissioner for Insurance and CEO of NAICOM, Mr Olusegun Ayo Omosehin, emphasized the critical role of the insurance sector in mobilising savings for long-term developmental projects, enabling businesses to thrive while managing risks effectively, and contributing to the sustainability of the economy.

Omosehin highlighted the insurance sector’s intent to significantly contribute to President Bola Ahmed Tinubu’s ambitious goal of growing the Nigerian economy to One Trillion United States Dollars ($1 trillion) by 2026. He also mentioned ongoing efforts to embed insurance within the National Credit Scheme to ensure its sustainability.

Engr. Baba stressed the importance of revenue generation, institutional expansion, and employment creation for Nigerians through collaborative efforts. He commended NAICOM’s efforts to ensure insurance companies meet their obligations, thus contributing to the sustainability of the economy.

The partnership between NAICOM and RMAFC is expected to strengthen the insurance sector’s role in driving economic growth and development in Nigeria. The two organizations have committed to exploring areas of collaboration and working together to achieve their shared goals.

The visit ended with a commitment to further explore areas of collaboration and strengthen the partnership between NAICOM and RMAFC, with a focus on boosting revenue generation and economic growth in Nigeria.