The Senate Committee on Banking, Insurance and Other Financial Institutions has expanded consultations with regulators and economic experts as part of efforts to strengthen Nigeria’s financial system.
The engagement in Lagos brought together representatives of the Central Bank of Nigeria, Nigeria Deposit Insurance Corporation, Asset Management Corporation of Nigeria, National Insurance Commission, Nigeria Export Import Bank and other institutions.
Committee Chairman Mukhail Adetokunbo Abiru said the financial sector remained central to investment, employment, business growth and macroeconomic stability.
Represented by Senator Osita Izunaso, Abiru said regulators and lawmakers needed closer coordination in responding to inflation, global uncertainty, cybersecurity threats, limited insurance penetration and the need for stronger export financing.
The committee said monetary policy, banking stability, deposit protection, insurance, asset recovery and export finance should be treated as interconnected parts of the country’s financial architecture.
National Insurance Commission Chief Executive Olusegun Omosehin said recent legal reforms had helped stabilise the insurance industry.
He disclosed that 43 insurance companies had completed recapitalisation under the new framework.
Omosehin also called for completion of legislative work on the Insurance Regulatory Commission Bill.
Representatives of other financial institutions said parliamentary oversight and legal reforms had helped improve their capacity to carry out their mandates.
Economic experts at the session presented papers on institutional resilience, financial inclusion, investment, public confidence and long term economic growth.
The Senate committee said it would continue working with regulators to improve financial stability, strengthen supervision and make the financial sector more responsive to businesses and households.
