Senate moves to strengthen Nigeria’s financial system

The Senate Committee on Banking, Insurance, and Other Financial Institutions has intensified its efforts to bolster Nigeria's financial system by convening a stakeholders' engagement in Lagos. Key regulators such as the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation, the Asset Management Corporation of Nigeria, the National Insurance Commission, and the Nigeria Export-Import Bank were in attendance.

Committee Chairman Mukhail Abiru emphasized the Senate's dedication to legislative reforms and enhanced collaboration with financial regulators to reposition the sector for sustained economic growth. Key challenges facing the economy, including inflation, global uncertainties, cybersecurity threats, low insurance penetration, and the need for diversifying Nigeria's export base, were highlighted as issues necessitating coordinated policy responses.

The engagement, themed "Strengthening financial system architecture for sustainable economic growth and stability in Nigeria," aimed to foster discussions among policymakers, regulators, and financial experts to generate practical solutions to the sector's challenges, with the goal of achieving a stable and efficient financial architecture.

NAICOM's Olusegun Omosehin reported that 43 insurance companies had successfully recapped under ongoing reforms and praised the committee for sponsoring the Insurance Regulatory Commission Bill, emphasizing its role in stabilizing and positioning the insurance sector in line with global best practices.