From The Report: Nigeria 2023
View in Online Reader

The insurance sector has only skimmed the surface of what Nigeria’s economic growth could offer. However, raising gross written premium is likely to require a change in the market’s current structure. The large number of competitors – and the limited financial capacity of some of them – has made it difficult for the sector to deepen its penetration. The delay in the implementation of higher minimum capital requirements is likely to further stall consolidation in the short term, but the lingering effects of the Covid-19 pandemic and the reduction in oil output could encourage policymakers to take steps towards fostering stronger insurance providers. Raising the low rate of insurance penetration in the country is tied to efforts to address persistent levels of unemployment and poverty. Better economic conditions are expected to play an important role in supporting the sector’s growth.