By David Akinmola
The Nigerian Council of Registered Insurance Brokers(NCRIB) has called for a more unified insurance industry, saying stronger collaboration among operators could unlock significant value for the country economy.
Speaking at the Council’s Members’ Evening, the NCRIB President, Mrs. Ekeoma Ezeibe, said the insurance sector must shed silos and fragmentation and operate as a single, coordinated force to drive growth, innovation and public confidence.
According to her, Nigeria’s insurance industry has vast but unadvertised potential, stressing the need for “growth with purpose” that prioritises customers, empowers brokers and makes insurance relevant to everyday life.
She noted that the sector currently contributes less than one per cent to Nigeria’s estimated $477 billion gross domestic product, highlighting the room for expansion if industry players align around common goals.
Ezeibe explained that her vision for a unified industry is anchored on four pillars: Capacity building, Industry advocacy, innovation and technology, and deeper member engagement.
She added that her administration plans to work closely with insurers, regulators and industry associations to create an enabling environment for sustainable growth.
The NCRIB president acknowledged persistent challenges, including low insurance penetration, trust deficits and regulatory complexity, but described them as opportunities for collaboration and innovation.
She expressed confidence that with the right leadership and collective commitment, the industry could unlock its full potential and play a more meaningful rle in national economic development.
Also speaking at the event, the Managing Director, Prudential Zenith Life Insurance, Funmilayo Abimbola Omo, which sponsored the programme, said the company shared the NCRIB leadership’s vision for a stronger and more cohesive industry.
“Together, we can make Nigeria’s insurance industry a major player in the global market,” she said.
