By David Akinmola
The nation’s insurance is set for faster regulatory approvals and improved service delivery as the National Insurance Commission (NAICOM)and the Presidential Enabling Business Environment Council (PEBEC) deepen collaboration to eliminate bottleneck and enhance efficiency across the sector.
The reform, driven under the Business Environment Enhancement Programme Accelerator (BEEPA), is expected to strengthen investor confidence, accelerate licensing and product approvals, and support ongoing industry recapitalization and market expansion.
PEBEC delegation leader, Aimeya Okpebholo, said the initiative is designed to deliver measurable improvements in regulatory service delivery by improving coordination among Ministries, Departments, and Agencies (MDAs) and ensuring transparency in compliance processes.
According to her, BEEPA is structured as a 90-day accelerator programme running from January 26 to April 26, bringing together selected MDAs to deliver client-focused and measurable improvements in service delivery.
“BEEPA is designed to ensure that regulatory compliance moves beyond paper to produce real, practical improvements at service points for both businesses and citizens,” she said. “By clarifying institutional roles, strengthening inter-agrency coordination, and introducing evidence based validation, we are working to reduce delays, elimination, and enhance transparency.”
Commissioner for Insurance, Olusegun Omosehin, welcome the PEBEC delegation and reaffirmed NAICOM’s commitment to regulatory excellence and service efficiency, noting that ongoing reforms within the commission are aligned with the programme’s objectives.
He said the insurance sector plays a critical role in economic stability and long –term risk protecting, stressing that strengthening regulatory responsiveness would enable operators to serve policyholders more effectively.
“Our ongoing reforms are focused on improving operational efficiency, enhancing service delivery, and ensuring that the regulatory environment supports innovation, market frowth, and policyholder protection,” Omosehin said. “This collaboration with PEBEC reinforces our commitment to building a more transparent, efficient, and globally competitive insurance industry.”
He noted that NAICOM has already commenced internal process review aimed at reducing turnround time for approvals, improving stakeholder engagement, and strengthening digital regulatory frameworks.
Industry stakeholders said the initiative would have far-reaching implications for the sector, particularly at a time when operators are positioning to meet new capital requirements and expand their market reach.
Chairman of the Nigerian Insurers Association (NIA), Kunle Ahmed, said faster regulatory processes would enable insurers to innovate and respond more quickly to emerging risks and customer needs.
“Efficient regulatory processes are critical to industry growth. When approvals are faster and more transparent, insurers can introduce products to more quickly, attract investment, and deepen insurance penetration across underserved segments,” he said.
Similarly, Managing Director, Universal Insurance, Dr. Jeff Duru, noted that regulatory efficiency is essential to improving Nigeria’s insurance penetration rate, which remains below one per cent.
“A responsive and efficient regulatory environment enhances investor confidence, supports capital inflow, and enables operators to scale operations. This ultimately strengthens the industry’s capacity to contribute to economic growth and national development,” he said.
Analysts also said the BEEPA initiative could improve Nigeria’s overall business environment ranking by reducing administrative friction and enhancing regulatory clarity.
They noted that eliminating overlapping regulatory functions, improving process visibility, and introducing real-time racking mechanisms would enhance accountability and strengthen trust between regulators and operators.
Beyond operational efficiency, stakeholders said reforms would help position Nigeria’s insurance sector to attract foreign partnerships and investment, particularly as ongoing recapitalization efforts create stronger and more resiient insurers.
With improved regulatory coordination, industry operators are expected to benefit from faster licensing approvals, reduced compliance bottlenecks, and a more predictable regulatory environment.
