Liberia turns to Nigeria for lessons on insurance reform
A Central Bank of Liberia team visited Nigeria's insurance regulator after 50 Nigerian insurers raised about N720 billion in new capital.
Abuja — Liberia's central bank has asked Nigeria's insurance regulator for guidance as it sets out to strengthen its own insurance industry.
A delegation from the Central Bank of Liberia, led by Mulbah Francis Bowah, made a working visit to the National Insurance Commission, the commission said in a statement reported by Nairametrics.
What Liberia wants to learn
Mr Bowah named the areas where Liberia is seeking Nigeria's experience:
- rules that tie the capital an insurer must hold to the risks it takes on
- how to manage the move from one set of rules to another
- frameworks for assessing and reducing risk
- how insurers are supervised and examined
He said the central bank is committed to strengthening its rules and expects the commission's guidance to make Liberia's reforms smoother. He described Nigeria as a senior partner and strategic ally in insurance regulation across Africa.
Nigeria's answer
The delegation was received by the commission's Deputy Commissioner for Finance and Administration, Ekerete Ola Gam-Ikon, on behalf of the Commissioner for Insurance. He said the commission is committed to regional partnerships, training and the exchange of knowledge among Africa's insurance regulators, and is ready to share what it has learned.
Why Nigeria is being asked
The visit follows the completion of Nigeria's own overhaul of the industry.
- President Bola Tinubu signed a new insurance law on 31 July 2025.
- Insurers were given 12 months, to 31 July 2026, to meet higher minimum capital levels.
- The commission says 50 insurance and reinsurance companies complied, raising about N720 billion between them.
Source: Nairametrics, reporting by Israel Ojoko, 13 October 2026.
