PPP Projects: NAICOM, ICRC Commit to Ensuring Robust, Compliant Insurance 

In a landmark meeting on December 2, 2024, the National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) announced a strategic partnership aimed at ensuring comprehensive insurance coverage for public-private partnership (PPP) projects. This collaboration, discussed during a courtesy visit from NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, to Dr. Jobson Oseodion Ewalefoh, Director General of the ICRC, is a key step toward strengthening Nigeria’s infrastructure development framework.

As the nation’s apex insurance regulator, NAICOM plays a vital role in advising the government on matters related to insurance, particularly the protection of critical public assets. In this partnership, NAICOM aims to ensure that PPP projects—central to accelerating infrastructure development—are adequately insured, minimizing risks and safeguarding investments. Dr. Ewalefoh, representing ICRC, highlighted the agency’s pivotal role in driving PPP initiatives to expedite infrastructure growth, noting that a solid insurance framework would further support these efforts by attracting more investments and enhancing economic stability.

The two agencies underscored that this partnership not only fulfills legal mandates but also represents a milestone in Nigeria’s efforts to build sustainable, risk-resilient infrastructure. They emphasized that by collaborating, NAICOM and ICRC would ensure that all insurance requirements for PPP projects are robust, reliable, and compliant with regulatory standards.

A joint committee has been set up to develop detailed modalities for implementing this partnership, with a collective statement on insurance compliance set for release in January 2025. This move is expected to foster a secure environment for investments in Nigeria’s infrastructure sector, contributing significantly to the nation’s economic growth.