“NAICOM, ICRC Collaborate to Strengthen Insurance for Public-Private Infrastructure Projects”

This collaboration signifies a transformative step in ensuring that Nigeria’s infrastructure assets, built under PPP arrangements, are well-protected against risks, fostering confidence among investors and stakeholders. Historically, the insurance component in PPP projects has been underutilized, often leaving critical infrastructure projects vulnerable to financial setbacks caused by unforeseen circumstances.

Reflecting on the evolution of Nigeria’s infrastructure development, NAICOM’s role as an apex regulator has been instrumental in safeguarding strategic government assets through sound insurance policies. The Commissioner for Insurance emphasized that this partnership will establish robust, reliable insurance provisions compliant with regulatory standards, ensuring long-term sustainability and risk mitigation for large-scale infrastructure projects.

ICRC, on its part, has spearheaded PPP-driven initiatives, catalyzing Nigeria’s journey toward bridging its infrastructure gap. By aligning with NAICOM, the commission aims to further solidify investor confidence, streamline compliance, and enhance the operational resilience of infrastructure ventures.

The establishment of a joint committee to outline the modalities of this partnership is a testament to the agencies’ commitment. A strong policy directive, mandating insurance requirements in all PPP contracts, is expected by January 2025.

This historic collaboration underscores the critical interplay between regulatory agencies in driving national development. As the partnership takes root, it sets a precedent for seamless synergy between risk management and infrastructure expansion, ensuring a secure and prosperous future for Nigeria’s economy.