The Commissioner for Insurance, Mr. Olusegun Omosehin, and the President of the Lagos Chamber of Commerce and Industry (LCCI), Mr. Gabriel Idahosa, have emphasized the indispensable role of the insurance sector in enabling large-scale infrastructure projects like the Dangote Refinery and the Lekki Deep Sea Port. Their remarks were made during the LCCI’s 2025 Insurance Stakeholders’ Consultative Forum, themed “Role of Insurance in Economic Recovery.”

Idahosa highlighted that without insurance, such mega-projects would not have been possible. “Many Nigerians do not realize that without insurance, we would probably never have had the Dangote Refinery and the Lekki Deep Sea Port. Investors would not have committed their funds without appropriate insurance safeguards,” he said. He added that the insurance sector plays a crucial role in de-risking investments, enabling both the government and private enterprises to undertake ambitious projects in energy, transportation, housing, and telecommunications.

Omosehin echoed this sentiment, stating that the insurance sector provides the stability and risk management necessary for large-scale investments. “Without a sound insurance sector, most big investors like the Dangote Group would not have dared to invest in the Nigerian economy. We take on the risks, allowing them to venture confidently,” he explained.

The NAICOM boss also debunked the perception that the Nigerian insurance sector contributes little to the national economy. He revealed that the sector has consistently grown faster than the national output since 2019, even during the COVID-19 pandemic. Omosehin projected that the insurance market would hit N2.5 trillion in premiums by the end of 2025, citing historical growth rates of 19.2% in 2019, 1.3% in 2020, 22.7% in 2021, 25.1% in 2022, 32.1% in 2023, and 51.8% in 2024.

He attributed the misconception about the sector’s contribution to flawed statistical comparisons, noting that in other countries, insurance, pension, and health sectors are often grouped together, while in Nigeria, they are analyzed separately. “We are not comparing apples to apples. If we lump these sectors together, the contribution would be significantly higher,” Omosehin said.

The Chairman of the LCCI Insurance Group, Mr. Adeniran Aderinoye, emphasized the critical role of insurance in rebuilding and sustaining economic growth. “As businesses navigate Nigeria’s current economic realities, it is evident that insurance is essential for protecting businesses, securing livelihoods, and fostering financial resilience,” he stated.

The forum underscored the insurance sector’s vital role in Nigeria’s economic recovery and development, highlighting its ability to mitigate risks and provide the confidence needed for large-scale investments.