ISSP - Insurance Sector Strengthening Program

A stronger, more inclusive insurance sector for Nigeria.

The Insurance Sector Strengthening Program is a 36–60 month initiative to deepen trust, expand access, and build the professional capacity Nigeria's insurance industry needs to grow.

10%
Insurance-to-GDP ratio, targeted by 2031
5M+
Nigerians reached, across all 36 states and the FCT
36–60
Months, the length of the programme

Despite being Africa's largest economy, Nigeria's insurance penetration sits at just 0.5% of GDP — against a continental average of 3.2%.

The ISSP exists to close that gap: through advocacy, awareness, capacity building and inclusive growth that reaches the women, youth and small businesses the sector has historically left behind. It is designed to respond directly to the structural barriers — limited awareness, weak product innovation, gender disparities, youth exclusion and thin MSME coverage — that have kept insurance out of reach for most Nigerians.

Led by the National Insurance Commission (NAICOM) together with government, regulators, insurers, brokers, development partners and innovators, the programme translates regulatory intent into measurable impact — coordinated action in place of isolated initiatives.

The case for action

Where Nigeria's insurance sector stands today, measured against where it needs to be.

0.5%
3.2%
8%
<20%
32%
78%
Insurance penetration (% of GDP)
Continental average (% of GDP)
MSMEs with any insurance coverage
Customers aged 18-35
Women's share of policyholders
Nigerians lacking basic insurance understanding

Six pillars, one shared goal

Every intervention the programme runs sits under one of six strategic pillars.

See the full framework

Join the coalition

Whether you're a regulator, insurer, donor or innovator, there's a defined role for you in strengthening Nigeria's insurance sector.

Get in touch