General News
Operators Have Risen to Domesticate Insurance Practice -Experts
The Nigerian insurance market has witnessed the launch of new products in recent times. This may not be unconnected with the special attention which the industry has earned following the recapitalization of the industry. In the last two years in particular, the operators have deplored greater strength to fashioning out innovative products in line with societal expectation. This creative effort is expected to substantially lead to an increase in premium volume. This has included launching new products for specialized risks. According to industry watchers, industry development in the past one year have shown that the insurance companies appear set to discard the old garment for a more enduring one. This is indicative of the type of new products being churned out from the operators many of which are tailor –made to suit the hostile Nigerian environment. At first glance, it would appear some companies have gone the traditional route with their products such as wedding and special events, construction, sudden disasters like fire outbreak or flood e insurance agents errors and omissions (E&O) coverage, or kidnap and ransom which is receiving increased attention due to the rampant cases of kidnap for ransom in the Niger Delta areas of Nigeria. A closer look at some of these products these products show that they actually target very specialized risks or provide options that are not available from other markets. Looking at the type of product that been coming out of insurers drawing board, it could be said that operators have started to master the peculiar environment in which they are doing business. Industry watchers advised insurance companies to deploy effective energy in designing products along the line of events. This is hinged on the fact Nigerians like parties and by that culture therefore, prospective customers would be willing to take short term insurance to guarantee the success of their events. Operators have also been enjoined to do deep research studies into how Nigerian farmers can be talked into taking agricultural insurance to safeguard their farm produce. This is more so as Nigerians are predominantly farmers and any insurance policy that could win their confidence is bound to witness resounding success.
In the area of health insurance, industry watchers have also suggested the need for Dental insurance. This is based on studies which showed that many of those who take health insurance never worry about specific segments like dental insurance. If you want a healthy mouth, then dental insurance is your sure bargain. Though dental care is expensive, it is a necessity for those who chose to invest in their dental health. Medicare doesn’t include a dental insurance plan, and many employers either do not provide dental insurance or they are scaling back their offerings, leaving consumers to pay for dental care on their own. As a result, many consumers are going without the expected insurances which they normally should take.
Dental insurance plans also often come with a coverage cap, meaning consumers are only insured for a particular amount per year. Once the dental patient exceeds that amount, he or she pays out of pocket. Consumers who go the insurance route also get the benefit of oversight from their relevant authourity which could prove helpful if they have insurance complaints.When it comes to selecting an insurance plan or a discount dental plan, some of the same rules apply. A 2009 poll by Harris Interactive and HealthDay found that 30 percent of adults with health insurance did not visit a dentist because of the prohibitive costs. Of those who were uninsured, more than half required dental care, but costs kept them away. If your employer doesn’t offer dental insurance, experts advised that people could buy an individual policy. However, another alternative is the discount dental plan, a membership-based network which offers discounted dental services from select providers. Dental insurance is not popular in Nigeria where people seems to be more concerned with meeting basic needs of life. With dental insurance, consumers typically pay a monthly premium and a deductible before insurance kicks in, but even after the deductible, policies vary widely on co-pay requirements. Some policies have no co-pay while others require the consumer to pay a substantial portion.
Gov. Hope Uzodimma of Imo has commended the National Agency for Science and Engineering Infrastructure (NASENI) for expanding access to technology-driven skills with the inauguration of a Skills Acquisition Centre in Owerri.
L-R: Chairman, Senate Committee on NASENI, Senator Ezenwa Onyewuchi; First Lady of Imo State, Barr. Chioma Uzodimma; Governor of Imo State, Senator Hope Uzodimma; EVC/CEO of NASENI, Mr. Khalil Suleiman Halilu and other dignitaries during the commissioning of the NASENI Skills Acquisition Centre in Owerri North LGA, Imo State yesterday.
The governor described the initiative as a strategic investment in youth empowerment, entrepreneurship and economic development.
The centre, established under the NASENI Sustainable Empowerment Programme (NSEP) in partnership with the Senator representing Imo East Senatorial District, Sen. Ezenwa Onyewuchi, is designed to equip young Nigerians with practical and industry-relevant skills.
Speaking at the inauguration, Uzodimma said technology remained central to Nigeria’s economic growth and lauded NASENI for supporting President Bola Tinubu’s Renewed Hope Agenda through initiatives that empower citizens.
He said the project would provide young people with practical skills needed to build sustainable livelihoods.
“This is not about giving people fish; it is about teaching them how to fish,” the governor said.
Uzodimma urged that beneficiaries of the programme be supported with start-up capital to enable them establish businesses and create employment opportunities for others.
He also commended NASENI for its continued developmental interventions in Imo and called on the host community and relevant stakeholders to protect the facility.
Responding, the Executive Vice Chairman and Chief Executive Officer of NASENI, Mr Khalil Suleiman Halilu, described the centre as another demonstration of the agency’s commitment to developing the human capital required to drive Nigeria’s industrialisation.
According to Halilu, the centre reflects NASENI’s conviction that industrial development begins with investing in people and equipping them with practical skills.
“The commissioning of this centre is not merely the opening of another facility. It is the opening of opportunities for young Nigerians to acquire practical skills that solve real problems, create businesses and generate employment.
“At NASENI, we believe our greatest investment is in the talent of our people,” he said.
Halilu said the centre would offer training in high-demand areas, including solar installation and maintenance, graphic design and printing, phone repair, fisheries and aquaculture, as well as other vocational and technology-based disciplines.
He explained that the project aligned with NASENI’s strategic focus on creation, collaboration and commercialisation, aimed at strengthening innovation, expanding local capacity and reducing dependence on imported technologies.
The NASENI boss commended Onyewuchi for partnering with the agency to deliver the project.
Onyewuchi said the centre was established to address youth unemployment through skills acquisition and entrepreneurship.
He disclosed that beneficiaries would receive support to establish small businesses after completing their training, enabling them to become employers of labour.
The lawmaker said the initiative would contribute to economic growth by empowering young Nigerians with skills relevant to today’s economy.
The commissioning of the centre, according to NASENI, reinforces the agency’s commitment to equipping Nigerians with practical skills, fostering innovation and building the workforce required for Nigeria’s industrial and economic development.
Federal government has launched Credit for Laptops, Internet, Connectivity and Knowledge Digital Devices (C.L.I.C.K.D.), a new consumer credit initiative, to provide affordable financing for locally assembled laptops and other digital devices.
L-R: Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, and Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, at the launch
The initiative by the Nigerian Consumer Credit Corporation (CREDICORP) and the Federal Ministry of Communications, Innovation and Digital Economy, is aimed at equipping Nigerians with the tools needed to participate in the country’s growing digital economy.
During the launch, Dr Bosun Tijani, minister of Communications, Innovation and Digital Economy, described access to credit as critical to improving productivity and driving economic growth.
Dr Tijani said no nation could achieve sustainable development without a strong credit system that enables individuals and businesses to access resources needed to become more productive.
He noted that in today’s digital age, technology has become indispensable for education, innovation and wealth creation.
The minister explained that many talented young Nigerians possess the skills required to succeed in the digital economy but remain constrained by their inability to own computers and other digital tools.
Drawing from his personal experience, Dr Tijani recalled how his first laptop as a student in the university opened doors to international opportunities and eventually inspired him to establish one of Nigeria’s pioneering technology hubs.
He said the new programme would ensure that more young Nigerians are not denied similar opportunities because of financial barriers.
According to him, the initiative aligns with President Bola Tinubu’s vision of building a one-trillion-dollar economy by expanding access to technology, boosting productivity and supporting local manufacturing.
Mr Uzoma Nwagba, managing director and chief executive officer, CREDICORP, described the programme as a strategic investment in Nigeria’s future workforce and digital transformation.
Mr Nwagba said that while improvements in internet connectivity and digital skills training have positioned Nigeria for the Fourth Industrial Revolution, access to devices remains a major challenge preventing many young people from fully participating in the digital economy.
He explained that C.L.I.C.K.D. would bridge that gap by providing affordable consumer credit that enables beneficiaries to acquire laptops and other internet-enabled devices while they develop in-demand digital skills
Federal Government has announced the disbursement of about N333 billion to eight electricity generation companies (GenCos) as part of measures to resolve outstanding debts in the power sector.
The government also disclosed the issuance of a second bond valued at N729 billion to settle verified legacy obligations and improve liquidity within the Nigerian Electricity Supply Industry (NESI).
The disclosures were made on Tuesday at an investors’ forum organised by the Nigerian Bulk Electricity Trading (NBET) Plc in Abuja.
Government representatives said the latest bond issuance marked the completion of the initial phase of the Presidential Power Sector Debt Reduction Programme, which was designed to address verified liabilities and attract private sector investment across the electricity value chain.
The Special Adviser to the President on Energy, Mrs Olu Verheijen, said the implementation of the first series of the programme demonstrated the administration’s commitment to meeting its financial obligations and improving investor confidence.
Verheijen disclosed that the Federal Government in February 2026 allocated about N501 billion under the first tranche of the programme, comprising N300 billion in cash and N201 billion in non-cash bond instruments to offset verified debts owed to power producers.
She said N333 billion had so far been disbursed to eight participating GenCos operating 17 power plants.
According to her, the government also paid the first coupon of about N63.5 billion on the seven-year bond in full on July 14, 2026.
She explained that the payments had enabled generation companies to meet critical obligations to gas suppliers, lenders and operations and maintenance contractors, thereby improving their operational capacity.
“Markets do not reward promises; they reward performance. Capital follows credibility,” Verheijen said.
She added that the second bond series would further strengthen liquidity in the electricity market and create a more stable financial environment capable of attracting long-term private investment.
The Presidential Power Sector Debt Reduction Programme is part of broader Federal Government efforts to address challenges affecting electricity generation, distribution and investment in Nigeria’s power sector.
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