NCRIB Targets 50–75% of Budget for Insurance Through Strategic Collaboration

By LOVETH AZODO, Lagos

…As President Reels Out Achievements

The Nigerian Council of Registered Insurance Brokers (NCRIB) has expressed its determination to intensify collaboration with government agencies to ensure greater attention is given to insurance in 2025.

Speaking during a press conference, Thursday, President and Chairman Governing Board of The Nigeria Council of Registered Insurance Brokers (NCRIB), Prince Babatunde Adeleke Oguntade, revealed plans to engage more agencies to emphasize the importance of insuring government assets and projects.

He expressed optimism that these efforts could result in the insurance industry securing a significant portion—between 50 to 75 percent—of the national budget for asset protection and risk management.

Reflecting on his tenure as the 22nd President of the NCRIB, Prince Oguntade highlighted achievements made under his ‘Breaking New Grounds, Sustaining Legacies’ agenda.

His administration has embarked on extensive engagements with key stakeholders, including visits to influential figures such as the Minister of Finance, the Minister of Budget and Economic Planning, and the Governor of Osun State.

The Council has also fostered relationships with leaders from agencies like the National Health Insurance Authority (NHIA) and the Nigeria Social Insurance Trust Fund (NSITF), among others, to advocate for the growth of the insurance sector and enhance its credibility.

Prince Oguntade also outlined the Council’s efforts to promote affordable insurance products through collaborations with housing developers and its participation in industry events like the Africa International Housing Fair.

Additionally, the Council has engaged with the creative industry, leveraging its vast network to explore opportunities for members in areas such as film, music, and design.

In his outlook for 2025, Prince Oguntade highlighted the challenges the industry faces, such as the low insurance coverage observed during incidents like the Ibadan explosions last year.

He stressed the Council’s commitment to increasing insurance awareness, providing businesses with sound risk management advice, and promoting the insurability of government projects to safeguard national investments.

Other achievements include the ongoing construction of the NCRIB annex, a five-story building designed to generate income and reduce the Council’s reliance on member subscriptions. He also lauded the National Insurance Commission (NAICOM) for its planned enforcement of insurance compliance for vehicles, which is expected to boost revenue and create greater awareness.

While acknowledging the strides made, Oguntade urged stakeholders to support efforts to address the low insurance penetration rate in Nigeria.

He reaffirmed NCRIB’s commitment to advancing the industry and ensuring a more resilient and inclusive insurance sector for the future.