The Managing Director of emPLE Insurance Ltd., Mr. Rantimi Ogunleye has charged policymakers, investors, and industry leaders to treat insurance not merely as a financial product, but as a strategic enabler of national development.
Mr Ogunleye who gave the charge at the Finance and Business Online Publishers Association (FiBOP) 2025 National Conference held in Lagos, called for a sector-wide shift in mindset if the quest to attain a $1 trillion economy by 2030 mustbe achieved.
Speaking on behalf of emPLE Insurance MDCEO, Mr. Rantimi Ogunleye, Mr. Jolaolu Fakoya, Executive Director (Technical) at emPLE Life Assurance Limited insisted that the insurance industry must transition from a peripheral role to that of a central driver of economic resilience and investment confidence.
“Insurance is more than numbers; it’s the confidence to build, invest, and grow. If we get it right, we won’t just contribute to GDP—we will help safeguard it,” Ogunleye asserted.
Despite its current GDP contribution of
just over $1 billion—translating to less
than 1% penetration,
insurance, he argued, underpins critical
sectors such as agriculture, oil and gas, real estate, logistics, and construction.
In a powerful illustration, Ogunleye pointed to Dangote’s $20 billion refinery, highlighting that such capital-intensive ventures are only possible with robust insurance coverage providing the risk buffer necessary for investment to thrive.
The conference, themed “Leveraging Technology Innovations, Tax Reforms, and Opportunities in Renewable Energy and Agriculture to Achieve One Trillion Dollar Economy” brought together finance, policy, and tech leaders for high-level discussions on sustainable economic growth. For emPLE Life Assurance, the message was clear: insurance must be recognized as a cornerstone of economic continuity and stability.
In his presentation titled “The Strategic Place of Insurance in the Achievement of One Trillion Dollar Economy for Nigeria: Claims Payments and Customers feedback,” Mr. Ogunleye said “From farmers to fintech founders, from construction firms to cargo carriers, insurance allows stakeholders to operate with reduced exposure to risk,” Ogunleye said. “It creates the resilience that keeps the economic engine running.”
Ogunleye identified persistent structural barriers stalling the industry’s growth—including low consumer trust, poor awareness, and deep-rooted cultural skepticism, especially surrounding claims payments. He emphasized the need for transparent communication, simplified policy language, and consistent, high-integrity claims settlement practices.
“Claims payment is the strongest form of public relations in insurance. It builds trust better than any ad campaign ever could,” he stated.
A major highlight of Ogunleye’s presentation was the recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025—a legislative milestone mandating compulsory insurance across key sectors, including public buildings, infrastructure projects, trade, and professional services.
Calling the Act a “landmark step,” he noted that it institutionalizes risk management as a prerequisite for economic activities and introduces enforcement mechanisms to ensure compliance.
“This reform aligns the insurance sector more directly with Nigeria’s development priorities,” he noted. “It’s a signal that risk management is now a national imperative.”
Still, Ogunleye warned that legal mandates alone are insufficient, noting that reaching the informal sector where most Nigerians live and work requires innovative, low-cost, and accessible products tailored to daily realities.
“It’s hard to sell a policy to someone who’s worried about their next meal,” he observed. “Affordability and access must be front and center.”
Ogunleye urged a multi-stakeholder coalition involving regulators, insurers, fintechs, and community leaders to drive penetration beyond urban centers and salaried workers.
He called for bold thinking, digital inclusion, and behavioral research to design insurance solutions that reflect the socio-economic dynamics of Nigeria’s diverse population.
“The future of Nigeria’s economy won’t just be built with steel and cement, but with trust, protection, and resilience. Insurance must be a pillar—not an afterthought—of our $1 trillion ambition.”
Earlier in his address of welcome, FiBOP Presidents, Mr. Charles Onwuatogwu underscored the importance of policy-oriented journalism and data-driven dialogue in shaping Nigeria’s economic future.
He reiterated the association’s commitment to convening stakeholders to develop actionable solutions rooted in collaboration and innovation.
Insurance is no longer a luxury or afterthought—it is a foundational component of Nigeria’s economic infrastructure. As the country pursues its ambitious goal of becoming a $1 trillion economy by 2030, the role of insurance must evolve from a passive financial instrument to an active enabler of investment, productivity, and resilience.
Though the sector currently contributes less than 1% to GDP, it underpins virtually every industry, from agriculture to oil and gas, construction to commerce. The recent passage of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 marks a turning point, institutionalizing risk management through mandatory coverage across key sectors.
However, legal reform alone will not drive meaningful change. Deep-rooted barriers—including limited public awareness, cultural and religious skepticism, low trust in claims payment, and the exclusion of informal and low-income populations—continue to hinder growth. Insurance’s real impact lies in its ability to provide stability, inspire investor confidence, and accelerate recovery in the face of shocks. To unlock this potential, the sector must embrace innovation, build credibility, and be intentionally integrated into national development strategies.
Insurers must lead the change by developing inclusive, affordable, and accessible products that resonate with Nigeria’s informal sector and underserved populations. Simplifying policy language, enhancing customer education, and prioritizing transparency—especially in claims settlement—will be essential in building public trust.
Regulators must ensure the full enforcement of NIIRA’s mandates, introduce compliance incentives, and expand oversight to ensure that compulsory insurance translates into actual coverage. Government agencies should mainstream insurance into economic planning frameworks and small business development programs, recognizing it as a critical lever for risk mitigation and national resilience.
The media and civil society have a key role to play in public sensitization, using storytelling, data, and localized content to demystify insurance and encourage uptake. Together, these stakeholders must adopt a coordinated, multi-sectoral approach to reposition insurance as a strategic development tool central to unlocking growth, safeguarding livelihoods, and achieving Nigeria’s long-term economic ambitions.
As Nigeria pushes toward its $1 trillion economic target, the message is clear: Without insurance, there is no resilience. Without resilience, there is no sustainable growth.