General News
Pathway to Taking Insurance to Greater Heights
Insurance business in Nigeria is almost a century old, yet, its level of growth and acceptability among the insuring public is still unbelievably low. Why? Expert’s opinion is unanimous in condemning the practice of operators in sticking to their familiar old pattern without minding the culture and operational environment. wilson itsisor takes a look at the industry and the probability of exploring new grounds in order to take the industry to the next level.
Why does the insuring public have unexplainable apathy towards insurance practice? Reason: the operators have failed to be proactive by exploring new areas and breaking barriers.
First, in the mode of practice over the years, a lot appears to be unclear to the insuring public around whom the business itself is woven. Among these are the technical languages with which most insurance businesses are transacted. This has been further worsened by the activities of a few operators who repudiate from paying claims when the need arises.
Interestingly, however, among all existing businesses, insurance is one that has the greatest potential for growth. This is traceable to the many untapped areas which operators have not looked into. From the operational viewpoint of operators, their greatest undoing is keeping to their old traditional methods some of which the public have lost confidence in.
Industry watchers are of the opinion that the operators are not doing enough in new products development. For instance, Nigeria ’s population is over 150 million people. Yet, over the years, operators have struck to the traditional Life Insurance Policy which accounts for less than 5 percent of the population. Also, operators ought to work on government to enforce the law that any employer who employs up to five percent ought to take insurance cover.
According to an analyst, Ambrose Umosor, a dynamic sector as insurance should be able to brainstorm and work out policies that will accommodate at least 60percent of the population. “But, can the industry grow if operators fail to explore every conceivable opportunity to raise Life Assurance beyond its present low level?”
However, some keen observers have blamed poverty and ignorance on the part of the people for the slow pace of development. But to what extent can the operators contribute in alleviating this poverty and ignorance? Here lies some of the problems confronting the insurance. If identified problems are not frontally addressed, the likelihood is that the status quo will remain.
Umosor posits that insurance practitioners should do extensive enlightenment, spread over every facet of life in order to break the barrier of ignorance to the growth of the industry.
Still on exploring new grounds, analysts say that that less than 10 percent of existing properties belonging to the various tiers of government are insured. Every where you go, there are various government properties belonging to federal, states and local governments which are not covered with insurance policies. Yet, operators seem to be satisfied with the low level of such properties that are presently covered by insurance.
Analysts suggest that insurance operators should liaise with relevant government agencies to identify all such government properties up to the ward levels at the local government. They opined that when concerted efforts are made by them, the dividends of such efforts will not only enhance the scope of business but also contribute to raising industry standard.
In addition, research findings show that in Nigeria , household items are usually not insurable as it is done in the developed nations. Mr. Shola Olafimiyan explained that a sector like insurance with a greater potential for growth, should be active in evolving ways out of the doldrums.” What does it take to get all Nigerians, for instance, who own household items to insure them against theft and fire?”
Olafimiyan said: “It takes a proactive insurance sector working with relevant government agencies to formulate, amend and change policies towards the enhancement of the insurance business”.
Another area which has remained largely untapped is motor vehicle insurance. According to sources at the National Insurance Commission (NAICOM), over 70percent of vehicles on our roads are not insured. Out of these less than 30percent of vehicles that are insured, majority of them carry third class insurance instead of comprehensive policies.
Besides, a large percentage of these vehicles carry fake insurance certificates. Mr. Ambrose Umosor explained that everyday in Nigeria ; thousands of new vehicles are bought, noting that if an existing law says that all vehicles must be compulsorily insured, what stops the operators from deploying all their resources to ensure that this is fully complied with.
He blamed this slow pace of development on the winner-takes-all syndrome among operators which forbade them from working as a united front to raise the standard. For instance, analysts believe that if the operators, individually and collectively, through the Nigerian Insurance Association and other professional groups, work hand-in-hand with NAICOM, the Federal Ministry of Finance and the National Assembly, the insurance coast will be further enlarged.
Industry watchers believe that vehicle insurance alone, if properly harnessed, is enough to cater for the greater needs of operators. But because of the several leakages arising from the lukewarm stand of operators, the industry is still shrouded in myth and mystery.
Apart form public buildings and the unexplored vehicle insurance cover; the uninsured private buildings in Nigeria , especially story buildings are other areas which operators have not looked into.
Recently, the Lagos State House of Assembly proposed a bill which will see to the compulsory insurance of story buildings. This was proposed to nip the cases of collapsed buildings in the bud.
Concerned watchers opined again that a proactive and innovative industry should have tapped into this area in order to enhance its growth. Unfortunately, insurance operators have struck to their old grounds, many of which have failed to develop beyond their status even after several decades.
Notwithstanding stakeholders have been challenged to rise to their responsibility and raise the standard of the industry. This becomes critical, especially now that the consolidation wind is still blowing across the industry. The good performance of insurance stocks on the floor of the Nigerian Stock Exchange (NSE) now is an indication of the positive effects of the reforms.
Therefore, if other factors militating against enhanced standard are addressed, the insurance industry may be the most vibrant in our economy.
Prof. Chukwuma Soludo, governor, Anambra State, has approved an indefinite ban on graduation ceremonies in kindergarten, primary and secondary schools across the state as part of efforts to reduce the financial burden on parents.
Prof. Chukwuma Soludo, governor, Anambra State,
The directive was confirmed by Dr. Law Mefor, commissioner for Information and Value Reformation, in a statement issued on Friday.
According to the commissioner, the government deemed it necessary to clarify the policy following public inquiries and concerns over the scope of the ban.
Mefor explained that the directive applies to all graduation-related ceremonies in both public and private schools across the state.
He said the ban covers events described as graduation, passing-out, crossover or any other ceremony organised to mark the completion of kindergarten, primary or secondary school levels.
The government said the decision was taken to discourage unnecessary financial obligations often imposed on parents through elaborate school celebrations.
The commissioner clarified that students completing Senior Secondary School (SS3) are exempt from the directive.
However, he stressed that graduation ceremonies for SS3 students are not compulsory and may only be held without imposing any financial burden on students or their parents.
According to him, schools choosing to organise such ceremonies must ensure that no levies, compulsory contributions or hidden charges are demanded from parents.
Mefor warned that the state government would not hesitate to sanction any school that violates the directive.
He said schools found organising prohibited graduation ceremonies or imposing illegal charges on parents risk severe penalties, including possible closure.
The commissioner urged school proprietors and administrators to comply fully with the directive in the interest of parents and the education sector.
The state government said the policy is part of broader efforts to make education more affordable and eliminate unnecessary expenses associated with school activities.
Many parents have previously complained about the increasing costs of graduation ceremonies, including compulsory levies for gowns, entertainment, souvenirs and other related expenses.
The government expressed optimism that the directive would ease the financial pressure on families while encouraging schools to focus more on academic excellence than ceremonial activities.
General News
Universities, Polytechnics Submit 169 Entries for NASENI Research Commercialisation Grants
About 169 proposals from Nigerian institutions including universities, polytechnics, and research institutes spread across Nigeria’s six geopolitical zones have entered for the NASENI Research Commercialization Grant Programme (NRCGP).
NASENI
The programme, an initiative of the National Agency for Science and Engineering Infrastructure (NASENI), aimed at bridging the gap between research and industry, is designed to identify innovative research with strong commercial potential and support its transition from laboratories to the marketplace.
Speaking on the latest episode of the NASENI Window Podcast, recorded on yesterday at NASENI Studio, NASENI headquarters, Abuja, the Team Lead of the NRCGP and Deputy Director, Monitoring and Evaluation, Ms. Joy Elugbe, said the team received 169 proposals from eligible institutions across the country, including Universities, polytechnics and other research institutions.
Following the close of applications, and to ensure transparency and a rigorous selection process, NASENI engaged 21 professors with expertise across the Agency’s approved thematic areas to evaluate the originality and technical quality of the shortlisted proposals.
According to her, a rigorous preliminary screening reduced the number to 49 proposals after removing duplicate entries and submissions that failed to meet eligibility requirements while the Agency’s Innovation Hub assessed their commercial viability to determine their potential for market adoption.
“12 proposals, two from each geopolitical zone, have progressed to the due diligence stage before the final selection of six grant beneficiaries will be done. The objective is not simply to fund research but to invest in innovations that can successfully reach the market and deliver real impact,” Elugbe explained.
The NRCGP was conceived to address one of Nigeria’s longstanding innovation challenges which is the research breakthroughs that remain on the shelves due to inadequate funding.
She said the initiative, championed by the Executive Vice Chairman/Chief Executive Officer of NASENI, Mr. Khalil Suleiman Halilu, targets promising research proposals with the capacity to generate economic value, create jobs and contribute to Nigeria’s industrial development.
“The idea behind the programme is to identify innovative and commercially viable research outputs that have remained on the shelves because of lack of funding, and provide the support needed to transform them into products that can impact the economy,” she said.
Explaining the concept of commercialization, Elugbe described it as the process of transforming an invention, research outcome or service into a profitable product that meets market needs. The NRCGP aligns with NASENI’s strategic focus on Collaboration, Creation and Commercialization (3Cs), stressing that innovation only achieves its full value when it reaches end-users.
She disclosed that following the launch of the application portal, the Proposal Evaluation Team went on nationwide sensitization campaigns across the six geopolitical zones to educate prospective applicants on the programme requirements and application process.
The sensitization exercise, complemented by radio awareness campaigns, significantly improved participation and the quality of submissions.
She further revealed that NASENI’s support would extend beyond grant disbursement, noting that successful innovators would be linked with the Agency’s Innovation Hub for continuous technical guidance, market advisory services and commercialization support to ensure their products achieve sustainable market success.
The NASENI Research Commercialization Grant Programme was inaugurated in March 2025 to promote innovation, technological advancement and the commercialization of research outcomes in line with the Renewed Hope Agenda of President Bola Ahmed Tinubu, GCFR.
General News
NITRA Conference: Stakeholders Seek Policy Reforms, Grassroots Innovation to Bridge Nigeria’s Digital
Stakeholders in Nigeria’s information and communications technology (ICT) sector have called for comprehensive policy reforms, stronger infrastructure investment and grassroots innovation to bridge the country’s digital divide and improve global competitiveness.
NITRA Conference
The stakeholders made the call on Thursday during the Nigeria Information Technology Reporters Association (NITRA) Innovative and Scientific Conference held at Citi Height Hotel, Ikeja, Lagos.
The conference, themed “Bridging Nigeria’s Digital Divide With Scientific Innovation,” brought together government agencies, technology experts, regulators, telecom operators, private sector players, academics and policymakers to examine strategies for accelerating digital inclusion through science and innovation.
A panel session titled “The Place of Policy and Infrastructure in Nigeria’s Quest for Global Competitiveness through Scientific Innovation: Roles of Different Stakeholders in Grassroots Mobilisation” examined the policy, infrastructure and human capital requirements for driving Nigeria’s digital transformation.
Panelists identified multiple taxation, high right-of-way (RoW) charges, inconsistent state government policies, poor electricity supply, inadequate digital infrastructure and limited grassroots innovation support as major impediments to expanding broadband access and improving Nigeria’s competitiveness in the global digital economy.
One of the speakers noted that transporting internet bandwidth from Lagos to Canada is cheaper than extending connectivity to some parts of Nigeria because of infrastructure bottlenecks and multiple charges imposed by sub-national governments.
According to the panelist, although some state governments claim to have abolished right-of-way charges, operators are still subjected to numerous levies under different names.
“When we talk about right-of-way limitation, it affects the cost of providing services in some states.
“Some states say right of way is free, but when they grant free right of way, they introduce development charges, education levies and infrastructure fees, making the so-called free right of way meaningless,” the panelist said.
The speaker called for harmonised national policies that would eliminate multiple taxation and reduce the cost of deploying telecommunications infrastructure across the country.
Another panelist representing telecommunications operators stressed that government policies should encourage fair competition rather than favour dominant market players.
According to the representative, improved collaboration between regulators and industry operators is necessary to ensure that policies support innovation, cybersecurity and sustainable sector growth.
Speaking on innovation development, a representative of a private sector innovation fund said Nigeria must begin identifying and nurturing innovators from an early age.
The representative said the organisation supports young innovators through essay competitions, grants and educational programmes aimed at exposing students to science, technology and entrepreneurship.
“We believe innovation begins from childhood.
“By helping children in primary and secondary schools think creatively, they become better positioned to seize opportunities as they grow.
“Innovators exist everywhere, including rural communities. What many of them need is exposure and opportunity,” the speaker said.
On cybersecurity, another panelist advocated greater investment in developing indigenous cybersecurity professionals through structured internship and mentorship programmes.
The panelist also suggested that young people involved in cybercrime should, where appropriate, be rehabilitated and equipped with legitimate digital skills rather than relying solely on imprisonment.
“Part of what we are known for is developing local talent.
“We recruit interns from schools and train them in cybersecurity.
“We should find ways to harness the abilities of young cyber offenders instead of simply sending them to prison,” the speaker said.
A representative from the computer society sector emphasised that Nigeria’s digital transformation should begin with reforms in basic education.
According to the representative, pupils should be introduced to coding, robotics, artificial intelligence and innovation at the primary school level.
“If Nigeria wants to become globally competitive, we must start from primary school.
“Our schools should not merely prepare students for examinations; they should become innovation clubs where children learn robotics, coding and problem-solving,” the panelist said.
The speaker also referenced the recent launch of an artificial intelligence university portal in Lagos designed to create a talent pipeline from primary education through tertiary institutions.
Addressing regulation, a media analyst cautioned against excessive government control that could discourage technological innovation.
According to the analyst, regulatory frameworks should emerge through stakeholder engagement and strike a balance between consumer protection and innovation.
“Regulation must come with dialogue.
“If regulation becomes excessive, it will stifle innovation.
“As Nigeria develops policies on artificial intelligence, there is a need to strike the right balance,” the analyst said.
On infrastructure protection, another panelist called for stronger public awareness campaigns to discourage vandalism of telecommunications infrastructure.
The speaker said community ownership and public education are essential to safeguarding digital infrastructure.
“When telecommunications infrastructure is vandalised, everyone suffers, including regulators, operators and consumers.
“People need to understand that protecting infrastructure benefits the entire society,” the panelist said.
Participants also highlighted the affordability of digital services as a major challenge to digital inclusion.
One speaker urged the Federal Government to consider subsidy mechanisms that could reduce the cost of internet-enabled devices.
“Telecommunications companies are businesses, not charity organisations.
“If government introduces subsidy policies similar to what has been done in other sectors, device prices can become more affordable,” the speaker said.
Another panelist stressed that reliable electricity remains fundamental to Nigeria’s digital competitiveness.
“The child who enjoys uninterrupted electricity and internet access cannot be compared with one who has gone months without power.
“For Nigeria to compete globally, every child should have reliable electricity, internet access and opportunities to acquire digital skills,” the speaker added.
Earlier, NITRA Chairman, Mr Chike Onwuegbuchi, said the conference was organised to provide a platform for stakeholders to examine policy options capable of strengthening scientific innovation and promoting grassroots technological development.
He noted that the Federal Government had demonstrated increasing commitment to building an innovation-driven economy through various strategic initiatives.
Founded in 2013, NITRA is the umbrella body of journalists covering Nigeria’s information and communications technology sector.
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