Nigeria’s National Insurance Commission (NAICOM) and the National Space Research and Development Agency (NASRDA) have agreed to collaborate and work together in order to bolster Nigeria’s insurance sector by integrating satellite technology and geospatial data, aiming to widen coverage, enhance enforcement, and refine risk assessment.
Both NAICOM and NASRDA arrived at this collaboration after a top-level discussion focused on using space-derived intelligence to foster economic resilience, financial inclusion, and sustainable growth. NASRDA’s Director-General, Matthew Adepoju, highlighted how the agency’s satellite expertise will deliver precise datasets for innovative insurance products, better regulation, and value creation at federal and state levels—citing past satellite replacement via insurance as a risk mitigation success.
NAICOM’s CEO, Olusegun Ayo Omosehin, tied the effort to the commission’s reforms, noting that geospatial tools will pinpoint public assets for mandatory insurance and advance a national framework for catastrophic risks. Key priorities include policyholder safeguards, regulatory upgrades, legal modernization, recapitalization for financial stability, and innovation.
Joint initiatives encompass building a catastrophic insurance system, high-res property mapping, a national asset database, and stricter compulsory coverage enforcement—ultimately boosting penetration and economic stability.
