Senate, Key Regulators Partner to Strengthen Nigeria’s Financial System

The Senate Committee on Banking, Insurance, and Other Financial Institutions has convened major regulatory bodies and industry experts to establish coordinated measures aimed at bolstering economic stability, expanding financial inclusion, and fostering sustainable growth across the nation.

The stakeholders’ engagement brought together leadership from the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM), and the Nigeria Export-Import Bank (NEXIM).

Delivering remarks on behalf of Committee Chairman Senator Mukhail Abiru, Senator Osita Izunaso emphasized that legislative reforms and closer cross-sector collaboration are critical to insulating the economy against systemic shocks.

Centering on the theme *“Strengthening financial system architecture for sustainable economic growth and stability in Nigeria,”* discussions focused on addressing key financial challenges, including inflationary pressures, global market uncertainties, cybersecurity threats, low insurance penetration, and the necessity of diversifying Nigeria’s export base.

“The effectiveness of monetary policy, the strength of our financial safety nets, the soundness of banking institutions, the vibrancy of the insurance industry, and the availability of export finance are all interdependent components of a stable financial architecture,” Abiru noted, underscoring the commitment to ongoing legislative support.

Highlighting recent progress, NAICOM Commissioner and Chief Executive Officer Olusegun Omosehin reported that 43 insurance companies have successfully recapitalized following regulatory shifts under the Nigeria Insurance Industry Reform Act. Omosehin commended the committee’s legislative interventions, urging swift completion of the Insurance Regulatory Commission Bill to further modernize the sector in line with global best practices.

Executive representatives from the CBN, AMCON, NEXIM, and NDIC also affirmed that legislative oversight and statutory backing continue to enhance their operational mandates. The forum concluded with strategic paper presentations by prominent financial analysts, including Prof. Uche Uwaleke, Prof. Biodun Adedipe, and Dr. Tilewa Adebajo, outlining policy recommendations to fortify liquidity, manage risks, and facilitate sustainable credit flow to the real economy.