Nigeria: Regulator calls for greater takaful participation

Source: Middle East Insurance Review | Feb 2026

Insurance Commissioner, Mr Olusegun Ayo Omosehin, has advised takaful players be ready to tackle key challenges confronting the market, through increased participation and awareness creation.

Mr Omosehin said this at a meeting with members of the Takaful Advisory Council (TAC), according to local media reports.

He pointed out that Nigeria’s population of over 200m people presents a significant opportunity for the growth of takaful, stressing that the market potential cuts across religious boundaries. The Muslim population in Nigeria is estimated to comprise up to 56% of the country’s population.

Mr Omosehin reaffirmed the Commission’s commitment to takaful development. In July 2025, President Bola Ahmed Tinubu signed into law the Nigerian Insurance Reform Act (NIIRA) 2025, which formally recognises takaful as part of Nigeria’s insurance business framework. M

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