Insurer calls for better protection of Nigeria’s economy against risks
By the AFREEQUE newsroom, based on Punch
Olufemi Asenuga, managing director of Mutual Benefits Assurance, is calling for greater integration of risk management and insurance into Nigeria’s development policies. At a University of Lagos conference on 14 October 2026, he presented these tools as ways to protect households, businesses and infrastructure from shocks, according to Punch.
Olufemi Asenuga, managing director of Mutual Benefits Assurance, has called on Nigeria to integrate risk management and insurance more closely into its sustainable development strategy. He was speaking on 14 October 2026 at the 19th research conference of the University of Lagos, on behalf of the group’s chairman, Akin Ogunbiyi, Punch reports.
The Nigerian insurance market recorded around 2.3 trillion naira in gross premiums in 2025, a 47% increase from approximately 1.56 trillion naira in 2024. Asenuga nevertheless warned that the rise in premiums did not mean that more households and businesses were covered.
He cited low incomes, a lack of awareness and public distrust among the obstacles, along with inadequate enforcement of compulsory insurance, inflation and the weight of the informal economy. In his view, risks linked to illness, death, fires, floods and business interruptions therefore continue to weaken households, businesses and public institutions.
The address was part of a conference devoted to food security, health, housing and people. Asenuga also referred to the UN Sustainable Development Goals, particularly those encouraging the resilience of vulnerable populations and access to insurance and financial services.
The statement comes after several warnings in Nigeria about the protection of savers and economic risks, including one from the Nigerian deposit insurer on illegal investments on 1 October.
Summary produced with the help of artificial intelligence tools, under AFREEQUE’s editorial responsibility.
