The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have announced a partnership to enforce insurance provisions for assets under public-private partnership (PPP) arrangements in Nigeria, as required by law.
This development was unveiled during a courtesy visit by the commissioner for insurance, Olusegun Ayo Omosehin, to the director general of ICRC, Dr. Jobson Oseodion Ewalefoh, at the commission’s Abuja headquarters.
The collaboration aims to safeguard investments in critical infrastructure projects by ensuring proper insurance coverage, mitigating potential risks, and boosting investor confidence. Both agencies hailed the partnership as a vital milestone in Nigeria’s quest for sustainable infrastructure development and economic growth.
“As the apex insurance regulator, NAICOM is committed to advising the government on insurance-related matters and protecting strategic national assets,” Omosehin stated.
“This partnership with ICRC will ensure that PPP projects benefit from robust, reliable, and compliant insurance frameworks.”
Dr. Ewalefoh highlighted ICRC’s dedication to accelerating infrastructure development through PPPs, noting that the collaboration would strengthen adherence to insurance regulations.
“By working together, we can enhance the credibility and security of PPP agreements, fostering greater investor trust in Nigeria’s infrastructure landscape,” he said.
To operationalise the agreement, a joint committee has been established to define the modalities for implementation. The committee is expected to release a comprehensive compliance directive by January 2025, outlining mandatory insurance requirements for PPP contracts.
This initiative is expected to attract more private investment into Nigeria’s infrastructure sector, ultimately driving economic growth and development.
