The National Insurance Commission (NAICOM) has called on Nigerian insurance brokers to enhance their value proposition and fully capitalize on opportunities under the African Continental Free Trade Area (AfCFTA) agreement.
Speaking at a workshop organized by the Nigerian Insurance Industry Committee on AfCFTA, the Commissioner for Insurance, Olusegun Omosehin, stressed the importance of professionalism and service delivery in ensuring that Nigerian brokers remain competitive in the expanding African market. Represented by Deputy Commissioner (Technical), Dr. Usman Jankara, Omosehin reassured brokers of NAICOM’s support but emphasized that their ability to thrive under AfCFTA depends on their readiness to improve.
“As insurance brokers, you play a critical role in the industry’s value chain. Your expertise and professionalism are essential for growth,” he said. “NAICOM is committed to ensuring that Nigerian brokers are not disadvantaged under AfCFTA, but they must step up their game by enhancing professionalism, service delivery, and digital transformation.”
He added that the commission has intensified its regulatory oversight, requiring brokers to develop operational manuals, codes of ethics, and standard procedures to meet international standards.
Backing NAICOM’s stance, the Deputy Managing Director of Insurance Brokers of Nigeria Limited, Eric Omozejele, highlighted capacity building, regulatory alignment, and technology adoption as key priorities for brokers under AfCFTA.
“There is a need for capacity building. Without it, we cannot offer competitive services. Brokers must also understand regulatory frameworks in different countries to operate effectively,” he said. “Technology is critical—brokers cannot physically be in multiple African countries simultaneously, so digital transformation and cybersecurity must be prioritized to facilitate seamless operations.”
Also speaking at the workshop, Emily Mburu-Ndoria, Director of Trade in Services, Investment, IPR, and Digital Trade at the AfCFTA Secretariat, emphasized the need for mutual recognition agreements among African regulators. She clarified that while market liberalization does not mean deregulation, countries still have the right to regulate their sectors.
“If regulators in different countries establish mutual recognition agreements, the insurance sector will have harmonized standards, reducing the need for companies to undergo separate registrations in each country,” she explained.
In her welcome address, the Chairman of the NII-AfCFTA Committee, Ekeoma Ezeibe, noted that the committee has entered a new phase of industry enlightenment, ensuring that brokers are well-equipped to maximize AfCFTA’s potential.
With Africa’s insurance market expanding under the trade agreement, Nigerian brokers are being urged to position themselves strategically by investing in professionalism, technology, and regulatory compliance to compete effectively across the continent.
