The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have joined forces to enforce insurance coverage for assets under public-private partnership (PPP) arrangements, in line with statutory provisions.
This collaboration was solidified during a courtesy visit by the Commissioner for Insurance, Mr. Olusegun Omosehin, to the Director General of the ICRC, Dr. Jobson Ewalefoh, on Monday.
A statement released by NAICOM highlighted that this initiative represents a crucial step in Nigeria’s drive for infrastructure growth. The agreement aims to guarantee that infrastructure projects under PPP models are adequately insured, mitigating risks, safeguarding investments, and contributing to economic development.
Speaking during the meeting, Mr. Omosehin emphasized NAICOM’s pivotal role as Nigeria’s primary insurance regulator, particularly in advising the government on insurance policies and protecting critical government assets. He expressed optimism that the collaboration with ICRC would enhance the reliability and compliance of insurance provisions for PPP projects.
Dr. Ewalefoh, in his remarks, reiterated the ICRC’s commitment to advancing PPP initiatives to bridge Nigeria’s infrastructure deficit. He noted that the partnership with NAICOM would create a framework to ensure that insurance remains a fundamental part of PPP agreements, thereby fostering investor confidence and supporting long-term development goals.
To facilitate this partnership, a joint committee has been established to outline the modalities for implementation. The statement disclosed that a unified directive on compliance with insurance requirements for PPP contracts would be issued by January 2025.
Additionally, ICRC recently announced plans to address stalled PPP projects that have remained inactive for over a year despite receiving Federal Executive Council approval.
The ICRC, established to oversee and regulate PPP efforts, plays a vital role in addressing Nigeria’s infrastructure challenges, which have historically hindered economic growth. This new alliance with NAICOM is expected to attract more investments and ensure the sustainability of critical infrastructure projects across the country.
