In a significant move towards empowering Nigerian youth and expanding career opportunities within the insurance sector, the National Insurance Commission (NAICOM) and the Ministry of Youth Development signed a Memorandum of Understanding (MoU) today, Friday, October 4, 2024. The agreement is aimed at training one million youths in insurance practices through a program called “One Million Youths in Insurance,” developed in collaboration with the Chartered Insurance Institute of Nigeria (CIIN).

This initiative aligns with President Bola Ahmed Tinubu’s job creation and youth empowerment agenda, offering a pathway for young Nigerians to explore career opportunities in insurance. The program seeks to sensitize participants to the importance of insurance, equip them with knowledge of industry best practices, and encourage youth entrepreneurship by providing financial protection and peace of mind for their ventures.

The training will be conducted across Nigeria’s 774 local government areas, creating employment channels and promoting awareness of insurance via social media and other platforms. By building a stronger connection between the youth and the insurance sector, this initiative is expected to boost industry growth, while also accelerating Nigeria’s financial inclusion goals.

During the signing ceremony, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, expressed his appreciation to all partners, particularly the Minister of State for Youth Development, Comrade Ayodele Olawande, for his unwavering support for the project. “This program represents a clear win for the youth of our nation. It will not only enhance their knowledge of insurance but also unlock numerous career and entrepreneurial opportunities in a sector that is vital to Nigeria’s economic growth,” said Mr. Omosehin.

Comrade Ayodele Olawande, in his address, welcomed the initiative and applauded NAICOM’s efforts to create meaningful opportunities for young Nigerians. He drew parallels with a similar MoU the Ministry signed with the Nigerian Data Protection Commission (NDPC) to train youth in data protection and privacy. He further emphasized that Nigeria’s future rests on the shoulders of its youth, who constitute over 60% of the population, and highlighted the underutilized potential of the insurance industry in driving economic growth.