The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged President Bola Tinubu to prioritise insurance as a key driver in achieving a $1 trillion economy.

Mr Tope Adaramola, Executive Secretary of NCRIB, made the call during an interview with the News Agency of Nigeria (NAN) on Monday in Lagos.

Adaramola said the insurance sector had vast potential to support economic growth, but deeper reforms and stronger government backing are essential to realise its full value.

“Insurance is vital to national development. For the $1 trillion economy vision to materialise, insurance must be strategically positioned and meaningfully supported,” he stated.

He described the passage of the Insurance Reform Bill by the House of Representatives as a significant milestone, noting it now awaits presidential assent.

“One of the most notable developments recently is the Insurance Reform Bill,” he said. He added that once signed into law, the bill will broaden insurance operations, enhance industry solvency, and deepen penetration across the country.

Adaramola also noted improved collaboration between the National Insurance Commission (NAICOM) and the Nigeria Police Force on enforcing third-party motor insurance.

This partnership, he said, has increased public compliance and boosted premium income within the sector. He commended Tinubu’s administration for implementing the Group Life Insurance Scheme for workers and investing in key infrastructure.

He highlighted projects such as the LagosCalabar Coastal Road and Sokoto-Badagry corridor as growth enablers for the insurance industry.

“Insurance prospers alongside development. Every new road, factory or public asset creates opportunities for coverage and risk management,” Adaramola explained.