NAICOM Urges Financial Planning for Secure Retirement

The National Insurance Commission (NAICOM) has emphasized the importance of long-term financial planning and risk management to ensure a stable and secure retirement for Nigerians. Speaking at the 2025 Inspenonline Retirement Summit in Lagos, NAICOM CEO Olusegun Omosehin highlighted the need for proactive retirement savings and investment strategies.

Omosehin stressed that individuals must prioritize financial planning to mitigate challenges such as inflation, market volatility, and demographic shifts. He pointed out that effective retirement planning must be rooted in financial protection and risk management, with tools such as annuities, life insurance, and structured retirement savings plans playing a crucial role in long-term stability.

To navigate economic uncertainties, Omosehin emphasized the need for policy alignment across the insurance, pension, and financial sectors, ensuring that regulations are long-term focused rather than short-term reactive. He also advocated for greater financial literacy and consumer empowerment, particularly among informal sector workers who often lack access to structured retirement plans.

Calling for closer collaboration between insurers, regulators, and policymakers, Omosehin urged stakeholders to develop innovative and inclusive retirement products, leveraging micro-insurance and digital platforms to expand coverage. He also stressed the importance of prompt gratuity payments to retirees, warning that delays could lead to financial instability.

Additionally, Nigeria Labour Congress (NLC) Lagos Chapter Chairperson, Funmi Sesi, urged the government to enforce full compliance with the Contributory Pension Scheme (CPS), noting that only six states currently adhere to the policy.