Adesina Tasks Insurers On Public Trust As He Becomes Nigeria's Global Insurance Ambassador

Former African Development Bank (AfDB) president Dr. Akinwumi Adesina was named Nigeria’s Global Insurance Ambassador and “Face of Insurance,” committing to push reforms aimed at restoring public confidence in the country’s insurance industry. He made the pledge during the Nigeria Insurance Directors Conference in Lagos, organized by the Chartered Insurance Institute of Nigeria (CIIN) with the National Insurance Commission (NAICOM). Speaking on “Building the Nigerian Insurance Industry: Institutional Transformation, Public Accountability and National Economic Development,” Adesina said Nigeria’s insurance penetration—estimated at about 0.5% of GDP—limits the sector’s ability to protect households, businesses and investments. He urged faster, transparent claims settlement and suggested NAICOM publish an annual public accountability and performance report detailing claims, timetables, complaints, compliance and governance.