The National Association of Nigerian Students (NANS) has commended NAICOM’s Insurance Education Fund interventions, describing them as vital to tertiary education development.

Mr Babatunde Akinteye, NANS President, said the interventions complemented broader government efforts, including the Nigerian Education Loan Fund (NELFund).

Akinteye made the remarks in a statement on Sunday while expressing support for ongoing reforms in Nigeria’s insurance industry.

He said NAICOM’s support through the Insurance Education Fund had provided infrastructure for universities, polytechnics and colleges of education.

According to him, the interventions included Information and Communication Technology centres, laboratories and other academic facilities.

He said such investments demonstrated how a well-regulated insurance industry could contribute directly to education, human capital development and national growth.

Akinteye said NANS therefore supported the recapitalisation exercise being implemented by NAICOM to strengthen the industry’s capacity.

He said the reforms would improve consumer protection and enhance insurance’s contribution to Nigeria’s economic development.

The NANS president also welcomed government interventions such as NELFund, which he said had expanded access to financial support for students.

He said sustainable investment in education required complementary interventions from government agencies and institutions across different sectors.

“Nigerian students need institutions that protect their interests while creating opportunities for education, skills development and future employment,” he said.

Akinteye said NANS supported implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and measures to reposition the sector.

Industry stakeholders have described NIIRA 2025, signed into law on July 31, 2025, as a significant intervention in the financial services sector.

The legislation provides a modern regulatory framework and creates opportunities for financial inclusion, entrepreneurship, employment and career development.

The NANS president commended NAICOM’s leadership for strengthening regulation, improving consumer protection and enhancing confidence in the insurance industry.

He said recapitalisation was necessary to address longstanding capacity constraints and enable insurers to support large-scale economic activities.

Akinteye urged stakeholders to support the exercise, saying a strong insurance industry was essential for protecting investments and facilitating business continuity.

He added that a stronger sector would help absorb risks, support infrastructure development, attract investment and create employment opportunities.

Akinteye also commended NAICOM’s emphasis on prompt settlement of genuine claims and strengthened protection for insurance consumers.

He said NANS welcomed the establishment of the Insurance Policyholders Protection Fund under NIIRA 2025, describing it as an important safeguard.

The association, however, expressed concern over alleged attempts by some individuals and groups to discredit NAICOM and undermine the recapitalisation exercise.

Akinteye urged Nigerians to reject misinformation and campaigns it described as efforts to frustrate ongoing reforms in the insurance industry.

He explained that NANS had reviewed publicly available information on NAICOM’s operations and reforms and found no credible basis for allegations against the commission.

The association, he said, would support insurance awareness and financial literacy initiatives among students while promoting insurance as a career option.

He urged the Federal Government, National Assembly, stakeholders, media and Nigerians to support reforms aimed at building a stronger insurance industry.

Akinteye added that a stronger insurance sector would enhance investment, create employment, improve financial security and contribute to sustainable economic growth.