In a bid to strengthen national risk-management systems and reduce pressure on public finances, the Nigerian Government is proposing mandatory travel insurance for short-stay visa holders.
The Ministry of Interior revealed that the planned policy would replace government-funded repatriation expenses for individuals entering the country on short-stay visas, easing the financial burden on taxpayers.
Speaking at a meeting in Abuja, the Minister of Interior, Olubunmi Tunji-Ojo, and the Commissioner for Insurance and CEO of NAICOM, Olusegun Ayo Omosehin, reviewed data showing that repatriation costs run into billions of naira annually.
NAICOM said the proposed travel insurance policy would shift these liabilities to insurers, ease pressure on the government, and support broader economic stability.
Stakeholders noted that the policy could also stimulate growth within the insurance industry. To curb fraud and enhance system integrity, the meeting proposed strengthening data verification, with NIMC expected to provide a centralised verification source.
A technical working group will subsequently evaluate the feasibility of the travel and repatriation insurance scheme, work on establishing a centralised material management system, and strengthen data synchronisation across relevant agencies.
Tunji-Ojo urged operators to enhance service quality and design products suited to modern lifestyles, stressing that insurance remains crucial to national economic growth.
The Commissioner for Insurance reaffirmed NAICOM’s readiness to collaborate with the Interior Ministry, deepen insurance penetration, expand data-exchange mechanisms, and maintain strict solvency controls to protect policyholders and preserve financial stability.
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