Insurance brokers key to Nigeria’s economic stability’

The former president and chairman of the governing board of the Nigerian Council of Registered Insurance Brokers (NCRIB), Babatunde Oguntade, has stressed the vital role of insurance brokerage in driving Nigeria’s economic development through risk management, financial intermediation, and advisory services.

Speaking at the 2025 National Insurance Brokers Conference held in Lagos, Oguntade said brokers remained critical to the country’s economic architecture, helping businesses, individuals and government institutions to 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: Thinning Value, Reimagining 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 and transparency to foster innovation and protect consumers.

The NCRIB conference, now a major feature in Nigeria’s insurance calendar, continues to serve as a platform for collaboration and policy dialogue aimed at repositioning the brokerage subsector as a driver of economic transformation.