2025: NAICOM, ICRC Agree To Enforce Insurance Of PPP Projects, Contracts

The National Insurance Commission (NAICOM) in partnership with the Infrastructure Concession Regulatory Commission (ICRC), have agreed to unfold early next year, mandatory guidelines for the insurance of all contracts and assets under the public-private partnership arrangements.

To this effect, a joint Committee of NAICOM and ICRC had been set up to draw up modalities for the two agencies’ partnership in enforcing the insurance.

This formed the highpoint of discussion during a courtesy visit of the Commissioner for Insurance (CFI) Mr. Olusegun Ayo Omosehin to the Office of the Director General of the ICRC, Dr Jobson Oseodion Ewalefoh at his office on Tuesday, December 2nd, 2024.

A statement from NAICOM said: “The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed to partner to implement insurance provisions for assets under public-private partnership arrangements, as outlined in the law.

“A joint Committee was set up to draw up modalities for the partnership and a strong statement for compliance with insurance requirements in any contract going forward will be collectively issued by January 2025.”

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.

They expressed optimism that the partnership would have a positive impact on Nigeria’s infrastructure development, attracting more investments and promoting economic growth.