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Insurance Has Potentials to Contribute Significantly to Economy —Fola Daniel

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  As the insurance industry earnestly awaits implementation of the new laws put in place by the committee on the review of insurance laws and regulations headed by Professor Joe –Irukwu, there are indications that the industry may emerge stronger for it. Industry watchers believe that the hitherto unexplored areas of insurance would now be adequately addressed. Expectations are also high that the desire of the National Insurance Commission (NAICOM) to nurture insurance higher than the banks may be realized. At one of the conferences, tagged “Effective Legal and Regulatory Framework as a vehicle for Rapid Insurance Development”  where the building blocks of the new laws and regulation were laid, Fola Daniel, commissioner for insurance had a media parley where he spoke on industry expectations when the new laws becomes effective.  WILSON ITSISOR reports.
 
Industry Expectations
The Commissioner for insurance explained that more than ever before, the review of insurance laws would be taken more seriously now. He based his optimism on renewed government interest in taking insurance to higher heights. He said “government is interested in putting in place, insurance laws that will help the insured; that will improve the insurance culture as well as that which will be comparable with international standard.”  He stressed that the new insurance culture being charted would be one that will make insurance attractive to all, stressing that “the nation needs an “industry that every body will be proud and happy to go into to buy their products.” Feelers emanating from the regulatory body indicate that when the enabling laws are in place insurance may no longer play a second fiddle to banks as it presently stands. According to the NAICOM boss, “insurance industry has the highest potential to contribute more significantly to the financial market stressing that “the industry has the potential to be bigger than the banks as we have in other jurisdictions”
Daniel lamented that right now, insurance in Nigeria is cold and not hot, explaining that what that means is that “we struggle hard to convince people to buy because they can’t see the real benefits.”
The poor insurance culture, among other things, is one of the reasons why government is putting in place a structure, a new legal framework that will make insurance a must – buy in order to manage the risks that confront them on a daily basis, just like we have United Kingdom and America”.
He stated that in these developed economies, insurance agents do not need to chase after people to convince them to buy insurance.  The reason for that ease of operation, he said was due to the enabling environment which gives the insuring public “confidence that if the insured event happens, they have an insurance industry that will pay and pay on time. He emphasized that is framework for such culture is what the government is putting in place.
Industry watchers believe that the industry may actualize the expected sweeping changes. This is more so as the industry is already enjoying an image boost and growing public confidence, especially after the recapitalization .On how the industry has fared since the recapitalization. Corroborating this position, the commissioner explained that “the confidence level of the insuring public is increasing.”  He explained that along this line, the regulatory agency has done a lot to sustain the tempo.  To support his confidence, he said the commission has a complaint bureau in place where members of the public are supposed to channel their complaints against insurance companies that delay or refuse to pay their claims. But rather than increasing, the complaints have reduced so much so that the personnel there are becoming idle.
Insurance contribution to the economy
 Daniel explained that the industry was also being repositioned because government wants to make its contribution to the economy more virile, so as to be able to emancipate the country. He stressed that in every ramifications, Nigeria has the potentials to grow the industry significantly and make it contribute to the economy.
According to him, one of the potentials or raw materials that the insurance industry require is population, which he acknowledged that Nigeria has in abundance.  The commissioners added that Nigeria also has abundant natural resources which are crucial to lifting insurance higher. “We have oil and gas” he said, adding that the vast potentials in giving insurance cover to the oil and gas are enormous. Daniel explained that in the past, Nigeria could not write more than five percent of its local insurance needs.  However he expressed satisfaction that since the recapitalization, the commission has put in place some legal frameworks to ensure that the industry is taken to the next level among the comity of vibrant insurance cultures.
 


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World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

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World Bank has restricted comments on its Instagram page after thousands of Nigerians flooded the platform begging them to stop lending money to Nigeria.

World Bank Blocks Social Media Comments from Nigerians over Loan Backlash

The protest erupted after reports that President Bola Ahmed Tinubu is seeking a fresh $1.25 billion dollar loan for approval on June 26.

Some Nigerians asked the World Bank to provide more details about the purpose of the loan and how the funds would be managed.

Others said the country should reduce dependence on foreign loans and focus on improving local revenue.

The federal government has continued to defend its borrowing plans.

Officials say the funds will support economic reforms, development projects and efforts to strengthen the economy.

Nigeria remains one of the major borrowers from the World Bank in Africa, with different administrations securing loans over the years for infrastructure, social programmes and economic support.


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Lagos Plans New Cybersecurity Centre

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The Lagos State Government plans to establish a Cybersecurity Operations Centre to strengthen protection of government systems, digital services and citizen data amid rising cyber threats linked to the city’s expanding digital economy.

Tunbosun Alake, Lagos commissioner for innovation, science and technology, said the centre would help secure the infrastructure supporting online payments, e-government services, cloud platforms and technology-driven business operations across the state.

According to Alake, the facility will monitor, detect and respond to cyber threats targeting government networks, digital transactions and sensitive public data.

The move comes as Lagos accelerates its smart city agenda through investments in broadband infrastructure, digital identity systems and automated public services.

Alake said Lagos had already deployed 109 Data Protection Officers across Ministries, Departments and Agencies, which he described as the highest number among Nigerian states, to strengthen compliance with data protection regulations.

Alongside the proposed cybersecurity centre, the state also launched the Lagos Campus Network Upgrade project aimed at improving digital infrastructure within the public sector.

The upgrade is expected to improve network performance, automate internal government processes and enhance digital engagement with residents. The cybersecurity initiative follows the release of Lagos State’s cybersecurity guidelines in April.

The framework recommends measures including multi-factor authentication, vulnerability testing, encrypted backups and tighter endpoint security controls.

The guidelines align with Nigeria’s Cybercrime Act 2024, the Nigeria Data Protection Act 2023 and the National Cybersecurity Policy and Strategy 2021.

 


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LG Electronics Strengthens Household Energy Efficiency in Nigeria with Advanced Inverter Refrigerator Solutions

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LG Electronics (LG) is reinforcing its commitment to smarter and more energy‑efficient living by spotlighting its range of inverter‑powered refrigerators designed to meet the evolving needs of Nigerian households.

As electricity costs continue to rise and inflationary pressures shape consumer spending, LG’s refrigerator portfolio is positioned as a practical solution that combines dependable performance with responsible energy consumption.

Refrigerators are among the most frequently used appliances in Nigerian homes, operating 24 hours a day and accounting for a significant share of household electricity usage. LG addresses this challenge through its proprietary Inverter Compressor technology, which intelligently adjusts cooling power based on actual usage conditions.

By reducing unnecessary energy draw, the system delivers stable temperature control while helping households lower energy consumption and manage monthly utility costs more effectively.

Beyond energy savings, LG refrigerators are designed to support food security and reduce waste, an increasingly important consideration for families navigating rising food prices. The inverter system enables faster cooling recovery after power interruptions and helps maintain consistent internal temperatures, preserving food freshness for longer periods. With fewer friction points in the compressor design, LG refrigerators also offer enhanced durability and long‑term reliability, minimizing maintenance costs over time.

LG’s energy‑saving refrigerator lineup includes Top Mount, Side‑by‑Side, and Door‑in‑Door models, each tailored to different household sizes, storage needs, and lifestyle preferences. The Top Mount refrigerators offer practical, space‑efficient designs ideal for everyday family use, delivering reliable cooling with optimized energy efficiency.

The LG GN-F452PFAQ model keeps food perfectly fresh with FRESH Converter+ that optimizes temperature as per food items and never runs out of ice with the Auto Ice Maker.

For households that require larger storage capacity and improved organization, Side‑by‑Side models provide generous interior space, improved visibility, and consistent cooling across compartments.

For more design‑conscious consumers, LG’s Door‑in‑Door refrigerators reduce cold air loss by allowing quick access to frequently used items, supporting both energy efficiency and long‑lasting freshness.

At the premium end, LG continues to innovate with advanced models such as the MoodUP™ refrigerator, which combines customizable aesthetics with functional energy‑saving features like the InstaView panel, allowing users to view contents without opening the door and reducing unnecessary cold air loss. This refrigerator comes with a washing machine as a bundle promotion.

According to LG, this range‑based approach reflects a deep understanding of how Nigerian households differ in size, consumption habits, and lifestyle needs.

“Nigerian consumers are becoming more intentional about how they use energy and manage household costs,” said Mr. Oktai Kim, General Manager, Home Appliance Solutions, LG Electronics Nigeria. “By offering a diverse range of inverter‑powered refrigerators, we are giving families the flexibility to choose solutions that suit their homes while delivering long‑term value through energy efficiency and dependable performance.”

Rather than focusing on technology alone, LG’s energy‑saving refrigerator portfolio emphasizes everyday benefits, efficient operation, reliable cooling, and designs that adapt to real living conditions. Available nationwide, LG refrigerators continue to support smarter living and economic resilience, reinforcing the company’s commitment to delivering durable, consumer‑focused home solutions for Nigerian households.


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