NCRIB Highlights Insurance as Key Driver of Sustainable Development

The Nigerian Council of Registered Insurance Brokers (NCRIB) has called for a deeper integration of insurance services into Nigeria’s economic strategy to ensure sustainable development. During a courtesy visit to the Abia State Governor, Alex Otti, at his country home in Nvosi, NCRIB President Mrs. Ekeoma Ezeibe argued that no meaningful infrastructure or commercial revival can survive without the bedrock of effective risk management.

Mrs. Ezeibe highlighted that for long-term growth to be achieved, both the public and private sectors must prioritize the protection of their assets. She described insurance not just as a financial service, but as a vital tool for business continuity and a "social contract" between the government and its citizens. According to the NCRIB President, insurance penetration is directly linked to private sector stability and increased tax compliance, creating a cycle of development.

 major focus of the discussion was the impact of the Nigerian Insurance Industry Reform Act 2025. This landmark legislation has significantly expanded the scope of compulsory insurance nationwide. Mrs. Ezeibe noted that these reforms are essential for protecting the investments currently being made in states like Abia, where infrastructure development is on the rise. She encouraged the state government to lead by example in securing public assets.

​To further this mission, the NCRIB revealed plans to establish a specialized insurance brokerage marketplace in the commercial hub of Aba. This initiative is designed to bring micro-insurance services to the doorstep of traders and small-scale entrepreneurs who are often the most vulnerable to economic shocks. By making insurance more accessible to the "bottom of the pyramid," the Council hopes to foster a culture of resilience in local markets.

Governor Alex Otti welcomed the delegation, acknowledging the strategic importance of the insurance sector in his administration’s goal of transforming Abia into a premier investment destination. The visit concluded with a commitment from both parties to explore further collaborations that would sensitize the public on the benefits of insurance, ensuring that the state's economic progress is safeguarded against unforeseen disasters.