The National Insurance Commission (NAICOM) has urged individuals to prioritise long-term financial planning and risk management to ensure a stable and secure retirement.
Olusegun Omosehin, Commissioner for Insurance (CFI)/Chief Executive Officer, National Insurance Commission (NAICOM), who stated this at the 2025 Inspenonline Retirement Summit in Lagos, underlined the need for proactive retirement savings and investment strategies.
Omosehin, who was represented by Julius Odidi, Lagos Director of NAICOM, emphasised that individuals must prioritise long-term financial planning to mitigate challenges associated with inflation, market volatility, and demographic shifts.
He said: “The reality today is that more individuals are approaching retirement with concerns about income sustainability, healthcare costs, and the adequacy of their pension savings. These economic headwinds are not merely statistics; they represent the lives experiences of millions of our citizens. As regulators, insurers, pension administrators, and policymakers, we must rise to this challenge with innovation, empathy, and resilience”.
According to the CFI, effective retirement planning must be rooted in financial protection and risk management, with tools such as annuities, life insurance, and structured retirement savings plans playing a crucial role in long-term stability.
He stressed: “Products such as annuities, life insurance, and retirement savings plans are not just financial instruments; they are vital tools for peace of mind in later life. We must work to ensure these tools are accessible, transparent, and align with the evolving needs of our aging population”.
Omosehin added that to navigate economic uncertainties, there is need for policy alignment across the insurance, pension, and financial sectors, ensuring that regulations are long-term focused rather than short-term reactive.
The CFI called for greater financial literacy and consumer empowerment, particularly among informal sector workers, who often lack access to structured retirement plans.
He requested for closer collaboration between insurers, regulators, and policymakers, and urged stakeholders to develop innovative and inclusive retirement products, leveraging micro-insurance and digital platforms to expand coverage.
He said: “We must ensure our policies across the insurance, pension, and financial sectors are not working at cross purposes. Regulation must be enabling, responsive, and focused on long-term value rather than short-term gains.”
Also speaking, Funmi Sesi, Chairperson of the
Nigeria Labour Congress (NLC) Lagos Chapter, called on all levels of government to enforce full compliance with the Contributory Pension Scheme (CPS), noting that only six states currently comply with the policy.
Sesi emphasised the importance of prompt gratuity payments to retirees, warning that delays could lead to financial instability.
Publisher of Inspenonline and the Retirement Summit’s organiser, Chuks Okonta, stressed the need to reshape perceptions around retirement planning, advocating for early preparation to ensure financial independence.
He said: “We want to change this perception. Our goal is to empower individuals to plan effectively for retirement, enabling them to look forward to this phase of life with joy and confidence, rather than fear and uncertainty”.
Stanbic IBTC Insurance Managing Director, Akinjide Orimolade, introduced at the event, the Sunset Benefit Plan,
a new insurance product aimed at helping individuals proactively prepare for retirement.
The Summit reiterated the urgent need for regulatory reforms, consumer awareness, and innovative financial solutions to address the evolving challenges faced by retirees, while NAICOM recommits to improving insurance penetration and retirement security.
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