The Senate Committee on Banking, Insurance and Other Financial Institutions has moved to strengthen Nigeria’s financial system as lawmakers, regulators and industry experts seek closer coordination to support economic stability, investment and sustainable growth.
The committee, chaired by Senator Mukhail Adetokunbo Abiru (Lagos East), held an expanded stakeholders’ engagement in Lagos on Friday, bringing together the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM), Nigeria Export-Import Bank (NEXIM) and other financial-sector stakeholders.
Represented at the engagement by Senator Osita Izunaso (Imo West), Abiru said Nigeria’s economic environment required stronger collaboration between policymakers and financial regulators, particularly as businesses and investors contend with inflationary pressures, global economic uncertainty, cybersecurity risks and the need to expand access to finance.
He said a stable and efficient financial system remained critical to investment, job creation, business expansion and macroeconomic stability, stressing that monetary policy, banking regulation, deposit insurance, insurance development and export financing must operate within a coordinated policy framework.
The engagement, themed ‘Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,’ focused on developing practical measures to improve the resilience and competitiveness of the financial system.
According to Abiru, the different components of Nigeria’s financial architecture are interconnected, making regulatory coordination essential to maintaining confidence in financial institutions and supporting economic activity.
The insurance industry also emerged as a major focus of the discussions.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr. Olusegun Ayo Omosehin, said the NIIRA 2025, sponsored by Senator Abiru and the committee, had contributed to stabilising and repositioning the insurance industry in line with global best practices.
Omosehin disclosed that 43 insurance companies had successfully recapitalised, describing the development as significant for strengthening the sector’s capacity and resilience. He commended the Senate committee for the passage of the Insurance Regulatory Commission Bill and urged the House of Representatives to complete the legislative process and forward it for presidential assent.
Representatives of the CBN Governor, AMCON, NEXIM and NDIC also commended the committee for its oversight and legislative support, saying the engagement had provided an opportunity to address institutional and regulatory challenges affecting the financial sector.
Policy papers were presented by Professor Uche Uwaleke, President of Capital Market Academics of Nigeria (CMAN); Professor Biodun Adedipe, Chief Consultant at B. Adedipe Associates Limited; and Dr. Tilewa Adebajo, Chief Executive Officer of CFG Advisory.
The discussions highlighted the importance of deepening financial inclusion, strengthening financial-sector confidence, expanding export financing and improving the ability of financial institutions to support businesses and investment.
Abiru said the Senate would continue to work with regulators and industry stakeholders to improve regulatory effectiveness and create a financial system capable of competing more effectively in the global economy.
He added that the committee’s legislative oversight would remain focused on ensuring that Nigeria’s financial institutions are resilient, responsive and better positioned to finance the country’s economic transformation.