By David Akinmola
The National Insurance Commission(NAICOM) has renewed its push to expand Takaful Insurance as part of efforts to drive broader participation in Nigeria’s insurance market, positioning the non-interest model as a key channel for reaching underserved segments of the population.
The Commissioner for Insurance, Olusegun Omosehin, gave the assurance in Abuja while receiving members of the Takaful Advisory Council (TAC) on a courtesy vistit, describing the non-interest insurance model as one of the growth pillars of the industry.
Omosehin said Nigeria’s large and youthful population presents a strong opportunity for Takaful to expand beyond its perceived niche, stressing that the model is not restricted to any religious group.
According to him, the challenge for operators and regulators is to translate this potential into wider participation through awareness and product innovation.
He noted that the commission’s ongoing reforms are designed to strengthen the insurance market, protect policyholders and improve public confidence, adding that the commission’s developmental mandate remains central to building a resilient industry.
The Commissioner said the signing of the NIIRA 2025 into law by President Bola Ahmed Tinubu on July 31 market a watershed for the sector, as it provides clear legal recognition for Takaful insurance within Nigeria’s insurance framework.
He described the development as a major boost for operators and investors interested in ethical and non-interest financial products.
Earlier, TAC Chairman, Professor Abdulrazzaq Abdulmajeed Alaro(MNI) congratulated NAICOM on the enactment of the new insurance law, describing it as unprecedented in the history of the industry.
He said the Council had formally written to the commission to express its appreciation, noting that the engagement was the first structured meeting between TAC and NAICOM’s management.
Alaro identified low awareness as the biggest constraint to Takaful’s growth and urged the regulator to intensify industry-wide enlightment. He called for regular retreats, workshops and capacity-building programmes that cut across conventional insurer, Takaful operators and other stakeholders.
At the close of the meeting, Omosehin said growth in Nigeria’s insurance sector would increasingly come from inclusion-driven segments such as microinsurance. Takaful insurance and digital distribution platforms.
He added that the commission and the Takaful Advisory Council had agreed to institutiolise their engagement as a yearly forum to unlock the sub-sector’s long-term potential.
