The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have declared a strategic alliance to guarantee insurance protection for infrastructure initiatives within public-private partnership (PPP) frameworks.
This partnership between NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, and ICRC Director General, Dr. Jobson Oseodion Ewalefoh, seeks to safeguard investments and promote economic growth by reducing risks linked to infrastructure development.
During the meeting, Omosehin highlighted NAICOM’s important role as the top insurance regulator in providing guidance to the government on insurance issues and protecting key national assets.
He said, “By guaranteeing that infrastructure initiatives are adequately insured, we can reduce potential hazards, safeguard investments, and encourage economic development.”
Ewalefoh emphasized the ICRC’s continuous initiatives to promote infrastructure development through PPPs, showing hope for the partnership’s influence.
“By collaborating, NAICOM and ICRC can guarantee that insurance for PPP projects is strong, dependable, and meets regulatory standards.
“This partnership represents an important achievement in the development of Nigeria’s infrastructure,” he added.
The two agencies have established a collaborative committee to create frameworks for the partnership, with an insurance requirements compliance statement for PPP contracts anticipated by January 2025.
The partnership is expected to draw in additional investments, enhance Nigeria’s infrastructure framework, and support sustainable economic development.