Although the 2025 national budget size of N47 trillion is commendable, there is the need to increase insurance components therein to protect critical national assets in the country.
The president, Nigerian Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Oguntade, who spoke at the NCRIB Press Conference in Yaba, Lagos, at the weekend, noted that, most road infrastructure and other national, assets, especially, those, under construction don’t have the needed insurance coverage.
To this end, he is optimistic the federal government as well as State and local government players can improve in this aspect, not only to increase patronage of the insurance industry, but also to ensure some of these projects stand the test of time.
According to him, “It is of a known fact that our nation is faced with numerous challenges, including economic uncertainty, insecurity, and infrastructural deficits. It is also worthy of note the efforts of the federal government in developing Nigeria’s infrastructure. “
Applauding government’s commitment to investing in critical sectors such as transportation, energy and housing is laudable, he added that, initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria, saying, the huge expenditure of government on building several highways, railways in this year’s budget are well noted.
“However, I firmly believe that insurance can play a vital role in mitigating the attached risks and promoting economic growth. In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured. Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses,” he pointed out.
Disclosing that the council has been working tirelessly to promote the development of the insurance industry in Nigeria, he noted that the council has engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive.
In this regard, he commended the National Insurance Commission (NAICOM) for its efforts in promoting the growth of the insurance industry.
Commending the expected Consolidated Insurance Law, he said, “it is no more a news that the Bill has received a considerable recognition by the two arms of the National Assembly, and we are expecting a favourable Law at the end of time. We have actively engaged with policymakers, industry stakeholders, and other relevant parties to advocate for the passage of this critical legislation.”
The Insurance Law, he emphasised, will promote a more conducive business environment for our members and the industry at large, and that, “ we are committed to seeing it to fruition. Permit me to limit my report on this particular subject to what had been reported. We all hope that at the end, everything will turn out in the favour of the entire insurance industry.”
