The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to partner to implement insurance provisions in the law for assets under public-private partnership arrangements.
The partnership was part of discussions during the visit of the Commissioner for Insurance and Chief Executive of NAICOM, Olusegun Ayo Omosehin to the Office of the Director General of the ICRC, Dr Jobson Oseodion Ewalefoh in Abuja on Monday.
NAICOM said in a statement that the partnership between the two agencies marks a significant milestone in Nigeria’s infrastructure development.
Omosehin said by ensuring that infrastructure projects are properly insured the effective enforcement of the provisions of the law would mitigate potential risks, protect investments, and promote economic growth.
As the apex insurance regulator, he said NAICOM would conrinie to play a crucial role in advising the government on insurance matters and ensuring the protection of strategic government assets.
On its part, ICRC DG said as the agency driving public-private partnerships (PPPs) to fast-track infrastructure development in Nigeria, working together with NAICOM would ensure that insurance coverage for PPP projects was robust, reliable, and compliant with regulatory requirements.
He said the partnership between NAICOM and ICRC would likely have a positive impact on Nigeria’s infrastructure development, attract more investments and promote economic growth.
During the meeting, a joint Committee was constituted to draw up modalities for the partnership and a strong statement for compliance with insurance requirements in any contract going forward. The joint statement and agreement would be collectively issued by January 2025.
