By Eunice Emeyazia
The Nigerian Senate is stepping up efforts to strengthen the country’s financial system as policymakers and regulators confront inflation, cybersecurity risks, financial exclusion and weak insurance penetration.
The Senate Committee on Banking, Insurance and Other Financial Institutions convened key financial-sector regulators and economic experts at a stakeholders’ engagement in Lagos to examine challenges threatening financial stability and sustainable economic growth.
The engagement brought together representatives of the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission and Nigerian Export-Import Bank.
Chairman of the Senate Committee, Senator Mukhail Adetokunbo Abiru, said closer cooperation between the legislature, regulators and industry stakeholders was essential to building a stronger and more resilient financial system.
Abiru identified inflation, emerging cybersecurity threats, limited access to financial services and low insurance penetration among the issues requiring urgent policy attention.
He also stressed the need to strengthen Nigeria’s export capacity and diversify the economy as part of efforts to create a more sustainable foundation for economic growth.
43 Insurers Recapitalise
Commissioner for Insurance at the National Insurance Commission, Olusegun Omosehin, said 43 insurance companies had successfully recapitalised under the sector’s ongoing reforms.
Omosehin commended the Senate for its legislative support, particularly in relation to the Nigerian Insurance Industry Reform Act 2025 and the Insurance Regulatory Commission Bill.
The development comes as regulators continue efforts to deepen the insurance market and strengthen the capacity of financial institutions to withstand economic shocks.
Participants at the Lagos engagement also called for stronger regulatory institutions, improved coordination among financial-sector agencies and measures capable of restoring public confidence in Nigeria’s financial system.
They stressed that greater access to finance would be critical to expanding investment, supporting businesses and creating employment opportunities.
Senate Promises Sustained Oversight
The Senate committee pledged to continue its legislative oversight and support for reforms designed to strengthen Nigeria’s financial architecture.
The committee said a more resilient financial system would be essential to attracting investment, supporting job creation and achieving sustainable long-term economic growth.
The stakeholders’ meeting comes at a time when Nigeria’s financial sector is undergoing significant regulatory and institutional reforms, with policymakers under pressure to ensure that the system remains stable, inclusive and capable of supporting economic expansion.
