The Senate Committee on Banking, Insurance and Other Financial Institutions has called for stronger cooperation among financial regulators, lawmakers and industry experts to improve Nigeria’s financial system and support economic growth.

ARISE News reports that the committee made the call during an expanded stakeholders’ engagement held in Lagos over the weekend, attended by representatives of the Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), Asset Management Corporation of Nigeria (AMCON), National Insurance Commission (NAICOM) and Nigeria Export-Import Bank (NEXIM).

The committee chairman, Senator Mukhail Adetokunbo Abiru, represented by Senator Osita Izunaso, said current economic challenges, including inflation, cybersecurity threats, low insurance penetration and global uncertainties, required closer coordination among stakeholders.

According to him, “The effectiveness of monetary policy, the strength of our financial safety nets, the soundness of our banking institutions, the vibrancy of the insurance industry and the availability of export finance are all interdependent components of a stable and well-functioning financial architecture.”

He said the theme of the engagement, “Strengthening Financial System Architecture for Sustainable Economic Growth and Stability in Nigeria,” was designed to encourage greater cooperation across different areas of the financial sector, adding that the meeting provided an opportunity for stakeholders to examine challenges facing the sector and propose practical measures to address them.

He added that the Senate wanted a financial system that could withstand economic pressures while remaining capable of meeting the needs of Nigerians and supporting long-term economic development.

“The Senate is committed to ensuring that our financial system is not only resilient but also responsive to the needs of our people and capable of supporting sustainable economic growth,” he said.

He further said that the Senate remained committed to reforms that would strengthen financial institutions, expand financial inclusion, attract investment and support businesses.

The Commissioner for Insurance and CEO of NAICOM, Olusegun Ayo Omosehin, commended the committee for its interventions in the insurance sector.

Omosehin said 43 insurance companies had completed recapitalisation under the sector’s reforms and urged the House of Representatives to ensure the speedy passage of the Insurance Regulatory Commission Bill for presidential assent.

Financial and economic experts at the engagement also presented recommendations on improving regulatory coordination, strengthening public confidence and creating a more resilient financial system.