The National Insurance Commission has reiterated its commitment to the development of the Takaful insurance industry in Nigeria.

In a statement on Friday, NAICOM said this commitment was made during a courtesy visit from the Takaful Advisory Council. During the visit, both sides discussed issues relating to the growth and development of the Takaful insurance business in Nigeria.

The PUNCH reports that NAICOM issued Takaful insurance guidelines, which went into effect in March 2013, to guide the operations of the market. NAICOM said the need for Takaful Insurance was identified following detailed research and that it would enhance financial inclusion in Nigeria.

Welcoming members of the Council, the Commissioner for Insurance, Mr Olusegun Omosehin, commended TAC for its commitment and contributions to the development of Takaful insurance in the country. He described the meeting as an interactive session aimed at identifying areas for expansion and improvement within the Takaful insurance sub-sector.

Omosehin noted that Nigeria’s population of over 200 million people presents a significant opportunity for the growth of Takaful insurance, stressing that the market potential cuts across religious boundaries.

He emphasised that “the key challenge lies in harnessing this potential through increased participation and awareness.”

Omosehin also underscored NAICOM’s developmental role, describing it as critical to the industry’s growth. He recalled that on 31 July 2025, President Bola Tinubu signed the Nigerian Insurance Reform Act 2025 into law. The Act formally recognises Takaful insurance as part of Nigeria’s insurance business framework.

Omosehin described this as a major milestone for the industry.

Earlier, the Chairman of the Takaful Advisory Council, Professor Abdulrazzaq Alaro, congratulated NAICOM’s management on the enactment of the NIIRA 2025, describing it as unprecedented.

Abdulrazzaq went on to call on NAICOM, in its capacity as the industry regulator, to continue supporting awareness creation for Takaful insurance, which he identified as a major challenge facing the sector.

He advocated for retreats, workshops, and capacity-building programmes for stakeholders across the entire insurance industry, not limited to Takaful operators.

Concluding the meeting, Omosehin expressed his conviction that future growth in the insurance sector would be driven by financial inclusion-focused segments such as microinsurance, Takaful insurance, and web aggregators. He added that the engagement between NAICOM and TAC would be institutionalised as an annual meeting to further unlock the sector’s vast potential.