The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have announced a partnership to ensure proper insurance coverage for assets under public-private partnership (PPP) arrangements. This collaboration aims to safeguard investments, mitigate risks, and drive economic growth by providing comprehensive insurance for infrastructure projects. The initiative was discussed during a visit by NAICOM’s Commissioner for Insurance, Olusegun Omosehin, to the office of ICRC’s Director-General, Dr. Jobson Oseodion Ewalefoh.
NAICOM, as the apex insurance regulatory body in Nigeria, plays a pivotal role in advising the government on insurance-related matters and protecting key government assets. Meanwhile, the ICRC has been instrumental in facilitating PPPs to accelerate infrastructure development across the country. By combining their expertise, the two agencies seek to create a framework for reliable insurance coverage that complies with regulatory standards, ensuring the sustainability and success of PPP projects.
As part of the collaboration, a joint committee will develop the modalities for the partnership, with a formal compliance directive to be issued by January. This initiative is expected to enhance Nigeria’s infrastructure landscape, attract further investments, and solidify investor confidence in PPP ventures.
