By Sola Alabadan
The Federal Ministry of Youth Development and National Insurance Commission (NAICOM) have commenced moves to advance youth development initiatives, particularly in the areas of financial literacy, entrepreneurship, and career development.
The Minister of State, Federal Ministry of Youth Development Mr. Ayodele Olawande actually paid a courtesy visit to the Commissioner for Insurance, Mr. Olorundare Thomas in Abuja on Friday, to discuss the potential collaboration opportunities in this regard.
In his remarks, the Commissioner for Insurance welcomed the Minister and gave a brief history and overview of the Nigerian insurance industry, as well as the administrative structure of the Commission
Thomas highlighted the achievements of the commission in the area of financial inclusion, transition to risk-based supervision and IFRS 17, setting up of the West African Insurance Supervisors Association and the College of Insurance Supervisors of the West African Monetary Zone.
The Minister thanked the NAICOM Management for the warm reception and expressed his desires for the Ministry to collaborate with NAICOM in engaging the Nigerian youth formally and informally to develop their skills.
He noted that the Ministry had developed a digital platform (app) called Nigerian Youth Academy (NIYA) where Nigerian youths could learn vocational and digital skills.
He requested to collaborate with NAICOM in the building of insurance educational module to be uploaded on the NIYA platform as this will go a long way in training the youths and improve their level of financial literacy, help in entrepreneurship and job creation, career development and sensitise youth on the benefits of insurance.
The NAICOM boss promised to convey the Minister’s request to relevant parties within the Nigerian insurance industry and these include the Chartered Insurance Institute of Nigeria and the College of Insurance and Financial Management.