The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to collaborate on implementing mandatory insurance coverage for assets under public-private partnership (PPP) arrangements in Nigeria.
This decision emerged during a courtesy visit by the Commissioner for Insurance, Mr. Olusegun Omosehin, to the Director-General of ICRC, Dr. Jobson Oseodion Ewalefoh, on December 2, 2024.
The partnership aims to ensure comprehensive risk mitigation for PPP projects, protect investments, and foster economic growth.
Speaking during the meeting, Mr. Omosehin emphasized NAICOM’s role as the apex insurance regulator, advising the government on insurance policies and safeguarding strategic assets.
Dr. Ewalefoh highlighted ICRC’s mandate of driving PPP initiatives to accelerate infrastructure development. Both leaders underscored the need for robust and reliable insurance frameworks for PPP projects to align with regulatory standards.
A joint committee has been established to finalize the modalities of this partnership, with a compliance statement to be issued in January 2025.
The move is expected to attract increased investments, bolster Nigeria’s infrastructure sector, and ensure sustainable economic growth
Olusola Akintonde
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