The National Insurance Commission and the Infrastructure Concession Regulatory Commission have agreed to partner to implement insurance provisions for assets under public-private partnership arrangements, as outlined in the law.

This agreement was reached during a courtesy visit of the Commissioner for Insurance, Mr Olusegun Omosehin, to the Office of the Director General of the ICRC, Dr Jobson Ewalefoh, at his office on Monday.

A statement from NAICOM said that this partnership marks a significant milestone in Nigeria’s infrastructure development as it ensures that infrastructure projects are properly insured 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 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.

“This partnership will likely have a positive impact on Nigeria’s infrastructure development, attracting more investments and promoting economic growth.

“A joint Committee was 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,” the statement partly read.

Recently, ICRC announced plans to finalise all PPP projects that have not progressed for over a year since receiving Federal Executive Council approval.

ICRC was established to superintend and regulate PPP endeavours of the federal government aimed at addressing Nigeria’s physical infrastructure deficit, which hampers economic development.