By Al-Kadriyar Abdullahi
The Senate Committee on Banking, Insurance and Other Financial Institutions has stepped up engagement with financial regulators and industry stakeholders to strengthen Nigeria’s financial system and promote economic stability.
This is as the committee held an expanded stakeholders’ engagement in Lagos at the weekend, bringing together officials from the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM), among others.
Speaking at the meeting, the committee chairman, Senator Mukhail Abiru, represented by Senator Osita Izunaso, said the Senate remained committed to legislative reforms that would promote economic stability, financial inclusion and sustainable growth.
Abiru said Nigeria’s financial sector plays a critical role in driving investment, creating jobs, expanding businesses and supporting macroeconomic stability.
He called for stronger collaboration between lawmakers, regulators and industry stakeholders to address challenges including inflation, global economic uncertainties, cybersecurity threats and low insurance penetration.
He also stressed the need to diversify Nigeria’s export base.
The engagement, themed “Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,” focused on regulatory coordination, stronger financial institutions, financial inclusion, digital finance and export financing.
Meanwhile, the Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Ayo-Omosehin, commended the Senate committee for its interventions in the insurance sector.
Omosehin said the NIIRA 2025 had helped stabilise the insurance industry and align its operations with global best practices.
He disclosed that 43 insurance companies had successfully recapitalised following reforms in the sector.
The NAICOM chief also commended Senator Abiru and members of the committee for the passage of the Insurance Regulatory Commission Bill.
He urged the House of Representatives to expedite consideration and passage of the bill before transmitting it to President Bola Tinubu for assent.
Representatives of the CBN, AMCON, NEXIM and NDIC also commended the committee for its legislative oversight and support for their institutions.
They said the Senate’s interventions had strengthened the capacity of the agencies to carry out their respective mandates.
Financial and economic experts, including Professor Uche Uwaleke, Professor Biodun Adedipe and Dr. Tilewa Adebajo, also examined challenges facing Nigeria’s financial system.
They proposed measures to strengthen financial institutions, improve regulatory coordination, attract investment and create a more supportive environment for businesses.
In his closing remarks, Abiru said the Senate would continue to work with financial regulators and other stakeholders to build a more resilient and responsive financial system.
He said the legislature remained committed to policies that would deepen financial inclusion, improve public confidence in financial institutions and strengthen Nigeria’s position in the global economy.
