NAICOM, ICRC partner to secure PPP investments with mandatory insurance

Joy Agwunobi 

The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have unveiled a collaborative effort to enforce mandatory insurance for assets tied to public-private partnership (PPP) projects in Nigeria.

This initiative, aligned with legal requirements, is set to enhance private sector participation in the nation’s infrastructure development, thereby driving economic progress.

The partnership was announced during a meeting between Olusegun Ayo Omosehin, commissioner for Insurance, and Jobson Oseodion Ewalefoh, director general of ICRC, at the commission’s headquarters in Abuja.

The focus of the collaboration is to safeguard investments in critical infrastructure by ensuring adequate insurance coverage, reducing risks, and bolstering investor confidence. Both agencies described the alliance as a strategic step toward achieving sustainable infrastructure growth in Nigeria.

“As Nigeria’s primary insurance regulator, NAICOM remains dedicated to advising the government on insurance matters and protecting critical national assets,” said Omosehin.

He emphasised that the collaboration would ensure PPP projects are backed by robust and compliant insurance systems.

On his part, Ewalefoh reaffirmed ICRC’s commitment to advancing infrastructure through PPPs. He noted that the partnership would reinforce adherence to insurance regulations, ultimately enhancing the credibility of PPP agreements. “This joint effort will significantly boost investor confidence in Nigeria’s infrastructure sector,” he added.

To implement the initiative, both commissions have established a joint committee tasked with developing the operational framework. A detailed compliance directive outlining mandatory insurance requirements for PPP contracts is expected to be issued by January 2025.