The National Insurance Commission (NAICOM) has emphasised the need for long-term financial planning and effective risk management to ensure a stable retirement amid Nigeria’s challenging economic climate.
Speaking at the 2025 Inspenonline Retirement Summit in Lagos on Wednesday, NAICOM Chief Executive, Mr. Olusegun Omosehin—represented by Lagos Director, Mr. Julius Odidi—stressed the urgency of early savings and planning.
With the summit themed “Attaining Good Retirement Amid Economic Headwinds,” Omosehin said retirees now face greater uncertainty due to inflation, market volatility, and demographic shifts.
“Retirement planning must be grounded in long-term financial protection. Insurance products like annuities and life cover are essential tools for peace of mind in later years,” he said.
He called for cross-sector collaboration, regulatory reforms, and increased financial literacy to address post-retirement income gaps, especially for Nigeria’s informal sector.
Stanbic IBTC Insurance Ltd. Managing Director, Mr. Akinjide Orimolade, introduced the “Sunset Benefit Plan” as a new product to support retirement readiness.
Nigeria Labour Congress (Lagos Chapter) Chairperson, Mrs. Funmi Sesi, urged governments to comply with the Contributory Pension Scheme (CPS), highlighting that only six states currently meet this obligation.
Publisher of Inspenonline, Mr. Chuks Okonta, noted that the summit aimed to change public perception of retirement as a fearful phase, encouraging proactive planning and optimism.
Headline Options:
