By David Akinmola
The former President and Chairman, Governing Board of the Nigerian Council of Registered Insurance Brokers (NCRIB) Prince Babatunde Oguntade, has stressed the vital role of insurance brokers in driving Nigeria’s economic development through risk management, financial intermediation, and advisory services.
Speaking at the 2025 National Insurance Brokers Conference held Lagos, Oguntade, said brokers remain critical to the nation’s economic architecture, helping businesses, individuals, and overnment institutions mitigate risks and sustain long-term growth.
“Insurance brokers play a pivotal role in economic development by enhancing financial inclusion and deepening insurance penetration through our extensive professional network,” he stated.
Oguntade noted that brokers contribute significantly to national stability by supporting infrastructure projects, fostering entrepreneurship, and promoting small and medium enterprise (SME) development through tailored insurance solutions.
“NCRIB roles include mitigating risks, protecting assets, supporting infrastructure through innovative risk transfer mechanisms, and ensuring that businesses remain resilient amid uncertainty,” he said.
The conference, themed “Cre-Novation: Thining Value, Reimaging Solutions,” brought together key industry players, policyholders, and experts to discuss emerging trends shaping the insurance landscape.oguntade explained that the theme reflects the council’s commitment to rethinking traditional approaches, embracing innovation, and leveraging technology for business growth.
“This conference provides a platform for members to engage thought leaders and share insights on trends, challenges, and opportunities within the industry,” he said, adding that the programme featured keynote sessions, technical workshops, and exhibitions of innovative insurance products and services.
He noted that discussions would cover strategic topics such as cyber security and data protection, business intelligence, and talent areas he described as vital to the competitiveness and sustainability of the Nigerian insurance market.
Oguntade also reaffirmed NCRIB’s commitment to upholding professionalism, transparent that fosters innovation and protects consumers.
“As we navigate new challenges and opportunities, our industry remains anchored on interity, professionalism, and service. We will continue to push for policies that promote a level playing field, consumer protection, and sustainable economic growth,” he said.
The NCRIB conference, now a major fixture in Nigeria’s insurance calendar, continues to serve as a platform for collaboration and policy diologue aimed at repositioning the brokerage subsector as a driver of economic transformation and resilience.
