Nigerian Senate committee strengthens financial system with stakeholder engagement

The expanded stakeholders’ engagement, themed “Strengthening financial system architecture for sustainable economic growth and stability in Nigeria,” included 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 Mukhail Abiru, represented by Senator Osita Izunaso, emphasized the Senate's commitment to legislative reforms and collaboration with financial regulators to promote long-term economic growth. Abiru highlighted the financial sector's importance for investment, job creation, and macroeconomic stability, noting that challenges like inflationary pressures, global economic uncertainties, cybersecurity threats, and low insurance penetration require coordinated policy responses.

Olusegun Omosehin, Commissioner for Insurance and CEO of NAICOM, discussed advancements in the insurance industry, citing the Nigeria Insurance Industry Reform Act 2025 as instrumental in stabilizing the sector. He also mentioned that 43 insurance companies have recapitalized and urged the House of Representatives to pass the Insurance Regulatory Commission Bill. Representatives from the CBN, AMCON, NEXIM, and NDIC commended the committee's legislati