The National Insurance Commission (NAICOM), in collaboration with the Ministry of Youth Development and the Chartered Insurance Institute of Nigeria, has signed a Memorandum of Understanding (MoU) to launch a program aimed at training one million youths across Nigeria in the insurance field.
The initiative, themed “One Million Youths in Insurance,” aligns with President Bola Tinubu’s directive to create more jobs and empower the country’s youth. The program seeks to provide young Nigerians with skills and knowledge in insurance, fostering entrepreneurship, and promoting financial protection across all 774 Local Government Areas (LGAs) of the country.
Empowering Youths Through Insurance
NAICOM Commissioner Olusegun Ayo Omosehin emphasized the importance of the initiative, noting that it would empower youths with the best insurance practices. This, in turn, is expected to boost youth entrepreneurship by offering financial protection and peace of mind.
“Youths will be empowered with knowledge and best practices to participate in insurance and boost youth entrepreneurship by offering financial protection across the 774 Local Government Areas,” Omosehin said.
He also highlighted that this program will contribute to the development of other sectors, accelerating Nigeria’s financial inclusion drive and helping more Nigerians access insurance services.
Minister Commends Initiative
The Minister of State for Youth Development, Comrade Ayodele Olawande, expressed his support for the project, describing it as a significant step toward empowering Nigerian youths. He noted that the partnership would equip young people with the tools they need to participate meaningfully in the insurance sector and enhance their entrepreneurial efforts.
In her remarks, Youth Minister Jamila Bio highlighted the crucial role of Nigeria’s youth population, which makes up 60% of the country’s demographics. She stressed that educating youths about insurance would foster entrepreneurship and create employment opportunities across all LGAs.
“Nigerian youths will be sensitized to know the importance of insurance, foster entrepreneurship, and create employment opportunities across all 774 local government areas of the country,” Bio stated.
The “One Million Youths in Insurance” initiative is expected to be a key driver in addressing youth unemployment, creating opportunities in the insurance industry, and promoting financial security nationwide.