Media
By Anthony Isibor
THE convener of the BusinessToday Annual Conference and Exhibition, Nkechi Naeche-Esezobor, has called for a bold, youth-driven transformation of Nigeria’s insurance and pension sectors, as the platform marked its 10th anniversary with a renewed focus on inclusion and accessibility.
Speaking at the 2026 edition of the conference held on Thursday, April 2, Naeche-Esezobor stated that the future of the industry depends largely on how effectively it engages young Nigerians, noting that insurance penetration and pension participation remain significantly low across the country.
The conference, themed “Youth Advantage: Refining Insurance and Pension for a New Era,” brought together regulators, industry leaders, and stakeholders to examine strategies for deepening adoption, particularly among the youth population.
Reflecting on the journey of the initiative since its inception in 2013, the convener described the early years as challenging, but pivotal. She noted that the platform initially focused on recognizing excellence through awards, but later evolved into a more impact-driven initiative.
According to her, this shift is largely influenced by late Mrs. Tonya Smart, who advised that awards should be tied to tangible impact capable of deepening insurance penetration. That counsel led to the introduction of conferences and seminars after the platform’s fifth anniversary.
“Today, we have continued to grow, guided by that vision of impact and industry development,” she said.
She also highlighted the contrast between Nigeria and more developed markets, where young people actively embrace insurance products as part of their financial planning.
In Nigeria, however, she noted that despite visible affluence, such as the prevalence of luxury cars, many individuals remain uninsured.
She described this trend as a major concern for the industry, stressing the need for increased awareness and structural reforms.
“The question before us is how to grow this market. Insurance and pension participation are still very low, and the way forward is to deliberately target young people,” she said.
Drawing parallels with the rapid growth of the fintech sector, she observed that young Nigerians have already demonstrated their capacity to drive adoption of financial services through digital platforms. With widespread smartphone usage and online banking, she said the same model could be leveraged to scale insurance and pension uptake.
At the heart of the challenge, she noted, is a gap in awareness and understanding. Recalling her university days, she explained that although students paid for insurance, many never accessed claims due to ignorance of the process.
“There are claims, but people do not know how to process them. That lack of knowledge creates distrust and disinterest,” she explained.
She emphasized the need to simplify insurance processes and make products more relatable and accessible to younger demographics.
On pensions, she encouraged a shift in perception, noting that even small, consistent contributions could yield significant long-term benefits. She cited examples of micro-savings models, suggesting that daily contributions as low as ₦500 could accumulate into substantial pension funds over time.
She also pointed to the flexibility of personal pension plans, noting that they can be structured to meet varying financial needs without rigid waiting periods.
As discussions continue, stakeholders agree that unlocking the “youth advantage” may be the key to bridging the industry’s longstanding penetration gap.
A.I
April 2, 2026
Tags: BusinessToday Annual Conference and Exhibition Naeche-Esezobor Nkechi Naeche-Esezobor