WorldStage Newsonline– The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have entered into a strategic partnership to enforce insurance provisions for assets under public-private partnership (PPP) arrangements, as mandated by law.
This collaboration was announced during a courtesy visit by the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to the Director General of the ICRC, Dr. Jobson Oseodion Ewalefoh, on December 2, 2024. The partnership aims to ensure that infrastructure projects under PPPs are adequately insured to mitigate risks, safeguard investments, and foster economic growth.
Speaking at the meeting, Mr. Omosehin emphasized NAICOM’s critical role as Nigeria’s apex insurance regulator in advising the government on insurance matters and ensuring the protection of strategic national assets. He noted that robust insurance coverage for PPP projects is essential to enhancing investor confidence and protecting public resources.
Dr. Ewalefoh highlighted the ICRC’s mandate to facilitate public-private partnerships to accelerate infrastructure development across the country. He expressed confidence that the partnership with NAICOM would enhance the regulatory compliance of PPP projects, ensuring they are backed by reliable and adequate insurance.
To formalize this collaboration, a joint committee has been established to develop the framework for implementation. The committee will also issue a strong compliance directive for all PPP contracts by January 2025, reinforcing the mandatory insurance requirements.
This initiative marks a significant milestone in Nigeria’s infrastructure development journey. By aligning regulatory oversight with risk management, the partnership is expected to attract more investments, strengthen public asset protection, and contribute to the nation’s economic growth.
