NCRIB: How Unlocking Pension Assets Could Drive Nigeria’s Next Insurance Boom

June 17, (THEWILL) — The Nigerian Council of Registered Insurance Brokers (NCRIB) has said Nigeria’s insurance penetration rate could increase significantly if pension assets currently managed by the National Pension Commission (PenCom) are brought back into the insurance ecosystem.

Speaking at the 2026 Inaugural Annual Insurance Week held at Nnamdi Azikiwe University, Awka, NCRIB President, Mrs Ekeoma Ezeibe, said pension funds and microinsurance have been key drivers of insurance growth in countries such as South Africa and Kenya, while Nigeria continues to record penetration below one percent.

Ezeibe noted that pension administration was originally part of Nigeria’s insurance industry before the enactment of the Pension Reform Act, which transferred oversight of pension assets to PenCom.

According to her, the trillions of naira currently held in pension funds could substantially deepen insurance coverage if integrated into the insurance sector. “If you look at the assets under PenCom, you can imagine the impact if they were brought into the insurance net. Insurance penetration would rise significantly, similar to what is obtainable in South Africa and Kenya”, she said.

She added that microinsurance remains another critical channel for expanding coverage, particularly among artisans, farmers, petty traders, food vendors and other underserved groups. Recent efforts by the National Insurance Commission (NAICOM) to licence dedicated microinsurance operators, she said, are helping to widen access to insurance products.

Ezeibe also identified low public awareness and limited adoption of technology as major obstacles to industry growth. She argued that the sector has not fully embraced digital tools that have transformed insurance distribution and service delivery globally.

The comments come as Nigeria’s pension industry continues to expand. PenCom data show that pension fund assets rose to ₦29.52 trillion in March 2026 from ₦29.43 trillion in February, reflecting sustained growth in the country’s retirement savings pool.

Ogochukwu Onwaeze, THEWILL

Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.