SEID Intel by Oluwatoyin

Nobody buys an umbrella because they want it to rain.

In fact, most people buy one hoping they never have to use it.

That is probably why insurance occupies such an unusual place in our lives. We understand the importance of preparation, but we do not always talk about it in those terms.

Think about it. Nigerians prepare for uncertainty all the time. We keep emergency cash. We buy generators and inverters because we know the power supply may not always cooperate. We leave for appointments earlier than necessary because traffic can have a mind of its own. Business owners build backup plans around everything from rising costs to supply chain disruptions. Preparation is not a foreign concept to us. It is part of everyday life.

Yet insurance often sits just outside that conversation.

This is interesting because insurance is not unfamiliar. Most people have come across it in one form or another. It may have been through motor insurance, a workplace benefit, travel requirements, or a business transaction. The industry has become more visible over the years, and awareness has undoubtedly grown.

The bigger question is what happens after awareness.

For many people, insurance is something they have rather than something they actively think about. It is a document that gets renewed, a policy attached to a requirement, or a line item that sits quietly in the background. Meanwhile, conversations about money tend to focus on growth. We talk about earning more, investing more, expanding businesses, buying property, and creating opportunities.

There is nothing wrong with that. Growth deserves attention. But one observation stands out: we often think of financial planning as the process of building wealth when it is also about protecting what has already been built.

A business that takes years to establish can face unexpected disruption. A property can be damaged. An event outside anyone’s control can create financial pressure overnight. These situations are not everyday occurrences, but neither are they impossible. That is why conversations about growth and conversations about protection should not exist in separate corners.

Perhaps that is where the real opportunity lies.

Not in convincing people that insurance exists. Most people already know that. The opportunity is in making insurance feel more connected to the goals people already care about. The entrepreneur focused on business continuity. The professional planning for the future. The family is working towards greater financial stability. These conversations are already happening every day.

Insurance has a place within them.

Closing that gap will require more than product awareness campaigns. It will require clearer communication, relatable examples, and customer experiences that help people see how insurance fits into the bigger picture of financial security.

At its core, this is not really a conversation about insurance. It is a conversation about preparedness.

Because nobody hopes for rain.

But when the clouds gather, most people are glad they remembered where they left their umbrella.

In other developments, the IMF has outlined a number of proposals it believes could increase government revenue in Nigeria. 

Revenue: IMF asks FG to impose fuel, telecom taxes

The International Monetary Fund (IMF) has recommended new tax measures for Nigeria, including extending Value Added Tax (VAT) to fuel products and introducing excise duties on telecommunications services, as part of efforts to boost government revenue.

The recommendation was contained in the IMF’s 2026 Article IV Consultation report on Nigeria, where the Fund said additional tax measures may be needed over the medium term despite recent tax reforms.

According to the IMF, options include increasing the VAT rate, extending VAT to fuel products, reducing certain tax exemptions, and introducing telecom excise duties. However, the Fund stressed that any new taxes should be implemented with consideration for rising poverty levels and food insecurity.

“The timing of reforms must consider the poverty and food insecurity situation and ensure that the cash transfer system is in place and funded,” the report stated.

The recommendation is likely to spark debate, particularly given the sensitivity around fuel prices and telecommunications costs. Previous plans to introduce a five per cent excise duty on telecom services faced strong opposition from operators and consumers before being suspended and eventually scrapped.

The IMF estimates that revenue-enhancing tax measures could generate additional revenues equivalent to 3.9 per cent of GDP within three years. Administrative reforms, including improved tax compliance, electronic invoicing, and expanded taxpayer registration, could contribute a further 3.1 per cent of GDP.

Overall, the Fund projects that a combination of tax reforms, stronger administration, and other policy measures could increase government revenue by 4.6 per cent of GDP over the medium term.

According to the IMF, stronger revenue mobilisation will be critical as Nigeria seeks to expand public spending, support vulnerable households, and strengthen its fiscal position.

Here are a few other headlines that also caught my attention this week:

• CBN moves to make banks’ subsidiaries independent, prevent the use of customer funds for affiliated firms. Looks like “keep it in the family” is getting stricter rules. 
• World Bank retains Nigeria’s 4.1% economic growth forecast. A projection worth noting. 
• CBN to review guidelines for HoldCos, proposes 51% minimum stake in subsidiaries. The corporate family tree may need a few adjustments. 
• Court dismisses firm’s bid to stop ARCON enforcement action over ‘advertising violations’.  A reminder that posts can travel further than intended.
• N’assembly passes bill allowing businesses to convert unpaid invoices to cash. For businesses, “the invoice has been sent” could mean something different. 
• FG launches mining grant programme to fund exploration activities and geoscience research.  Somewhere, a geologist just sat up a little straighter. 
• The International Monetary Fund (IMF) says Nigerian banks raise lending rates rapidly when monetary policy is tightened, but are slower to reduce borrowing costs or increase returns to savers. The conversation around interest rates continues. 
• IMF says poverty persists despite Nigeria’s reform gains but advises against subsidy return. One report, several observations on Nigeria’s economy. 
• World Bank to support developing countries with $100bn ‘if Middle East conflict persists’. The ripple effects of global events remain in focus. 
• Reps committee recovers N521m unremitted VAT from CBN. The calculators are earning their salaries this week

Just leaving that here.