By David Akinmola
The National Insurance Commission (NAICOM) has said that for Nigerians to secure financial stability in retirement age, long-term financial planning and risk management are needed.
This, the Commissioner for Insurance, Olusegun Omoseyin, in a paper delivered at the 2025 edition of the Inspenonline conference in Lagos with the Theme: “Attaining Good Retirement amid Economic Headwinds,” said potential retirees must engage in early planning and saving for their retirement to bridge the financial gap in their golden years.
The commissioner, represented by the Lagos Director of NAICOM, Julius Odidi, noted that financial planning is key due to the growing difficulty retirees face in a period defined by inflationary pressures, market volatility, and shifting demographic patterns in the country.
According to him, in Nigeria today, more individuals are approaching retirement with concerns about revenue sustainability, healthcare costs, and the adequacy of their pension savings.
For him, the economic headwinds are not merely statistics; they represent the lived experiences of millions of Nigerians.
Omoseyin explained that to navigate the period effectively, policy alignment and regulatory reforms must be focused on.
He said there is a need to initiate products and accessibility, as well as financial literacy and consumer empowerment, which must also be prioritized.
To him, there is a need for the industry to invest in designing affordable, relevant, and inclusive retirement products, especially for the informal sector, which constitutes a significant portion of our population.
We are actively engaging with stakeholders to develop frameworks that enhance the integration of insurance and pension systems, above all in addressing longevity risks and post-retirement income security, he said.
Speaking earlier, at the conference, the chairperson, Nigeria Labour Congress, Lagos Chapter, Funmi Sesi, urged government at all levels to ensure full compliance with the Contributory Pension Scheme (CPS) as only six states are complying in the country.
Sesi also stressed the importance of prompt payment of gratuity to workers, stressing that delayed payments could cause financial hardship and uncertainty for affected employees.
Meanwhile, the publisher of Inspenonline and the organiser of the conference, Chuks Okonta, said that the conference aims to shift the narrative around retirement.
According to him, many individuals view retirement as a daunting prospect, fearing financial uncertainty.
Okonta noted that we want to change the perception, and our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to the phase of life with joy and confidence, rather than fear and uncertainty.
