Nigeria’s Senate has stepped up engagement with financial regulators and economic experts as part of efforts to strengthen the country’s financial system and support sustainable economic growth.
The Senate Committee on Banking, Insurance and Other Financial Institutions convened an expanded stakeholders’ meeting in Lagos, bringing together representatives from the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission and Nigeria Export-Import Bank.
Committee Chairman Senator Mukhail Adetokunbo Abiru, represented by Senator Osita Izunaso, said stronger cooperation between lawmakers and regulators had become increasingly important amid inflationary pressures, global uncertainty, cybersecurity risks, low insurance penetration and Nigeria’s need for greater export diversification.
According to Abiru, “the effectiveness of monetary policy, the strength of our financial safety nets, the soundness of our banking institutions, the vibrancy of the insurance industry and the availability of export finance are all interdependent components of a stable and well-functioning financial architecture.”
He added: “The Senate is committed to ensuring that our financial system is not only resilient but also responsive to the needs of our people and capable of supporting sustainable economic growth.”
NAICOM Commissioner for Insurance and Chief Executive Officer Olusegun Ayo Omosehin highlighted recent reforms within the insurance industry, including the NIIRA 2025.
“The NIIRA 2025 has helped in stabilising the sector and repositioning insurance practice in line with current best global practices,” Omosehin said, adding that 43 insurance companies had successfully recapitalised.
The engagement also featured policy contributions from Professor Uche Uwaleke, Professor Biodun Adedipe and Dr Tilewa Adebajo, with discussions covering regulatory coordination, financial inclusion, institutional resilience, investor confidence and business growth.
Abiru said the Senate would continue pursuing measures that would “deepen financial inclusion, strengthen public confidence in financial institutions, improve regulatory effectiveness and position Nigeria’s financial system to compete more effectively in the global economy.”
The engagement forms part of wider legislative efforts to strengthen regulatory oversight and ensure Nigeria’s financial institutions can better support investment, businesses and the country’s economic transformation agenda.