Nigeria: Senate Engages Financial Sector Stakeholders On Reforms, Economic Stability

What the report says

Nigeria’s Senate Committee on Banking, Insurance and Other Financial Institutions has held an expanded engagement with financial sector regulators and experts in Lagos to discuss reforms aimed at economic stability, financial inclusion and longer-term growth. According to This Day, the meeting brought together leaders from the Central Bank of Nigeria, NDIC, AMCON, NAICOM and NEXIM, along with policy specialists and other stakeholders.

Senator Mukhail Adetokunbo Abiru, chair of the committee, said through a representative that lawmakers want closer coordination with regulators as Nigeria faces inflationary pressure, global uncertainty, cybersecurity risks, low insurance coverage and the need to broaden export earnings. The discussions focused on how monetary policy, deposit protection, asset recovery, insurance development, export finance, digital finance and regulation can work together more effectively. The committee said the goal was to identify practical steps to strengthen the country’s financial architecture and support investment and jobs.

NAICOM’s commissioner, Olusegun Ayo Omosehin, welcomed the Senate’s role in the insurance sector and said recent reforms, including the NIIRA 2025, had helped stabilize the industry. He also said 43 insurance companies had recapitalized under the reforms, according to the report. He urged the House of Representatives to move ahead with the Insurance Regulatory Commission Bill.

Representatives of the CBN, AMCON, NEXIM and NDIC also praised the committee’s oversight, while experts from academia and consulting firms presented policy papers. The broader message of the engagement was that Nigeria’s financial institutions need stronger coordination and regulation to remain resilient and support the country’s economic transformation agenda.