National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed on partnership to implement insurance provisions for assets under public-private partnership (PPP) arrangements, as outlined in the law.
According to the two agencies, this partnership marks a significant milestone in Nigeria’s infrastructure development, by ensuring that infrastructure projects are properly insured, in order to mitigate potential risks, protect investments, and promote economic growth.
The Commissioner for Insurance stated that as the apex insurance regulator, NAICOM plays a crucial role in advising the government on insurance matters and ensuring the protection of strategic government assets.
Meanwhile, ICRC has been driving public-private partnerships (PPPs) to fast-track infrastructure development in Nigeria and by working together, NAICOM and ICRC can ensure that insurance coverage for PPP projects is robust, reliable, and compliant with regulatory requirements.
The CFI said the partnership would likely have a positive impact on Nigeria’s infrastructure development, attract more investments and promote economic growth.
He highlighted that a joint Committee would be set up to draw modalities for the partnership and collectively come up with a strong statement by January 2025 on compliance with insurance requirements in any contract going forward.
