Nigeria’s infrastructure development takes a new turn with the foundations set to implement the insurance provisions for assets under public-private partnership arrangements as specified by law.
This far reaching decision was taken today when the Commissioner for Insurance, National Insurance Commission NAICOM, Mr. Olusegun Omosehin paid a courtesy visit to Director General, Infrastructure Concession Regulatory Commission (ICRC) Dr. Jobson Oseodion Ewalefoh in Abuja and they agreed to partner to implement insurance provisions for assets under public-private partnership arrangements.
According to the two agencies, this partnership marks a significant milestone in Nigeria’s infrastructure development. It ensures that infrastructure projects are properly insured, to mitigate potential risks, protect investments, and promote economic growth.
The two bodies have their specific roles in infrastructure development, while ICRC is driving public-private partnerships (PPPs) to fast-track infrastructure development in Nigeria, NAICOM partnership with ICRC would ensure insurance market provide cover for PPP projects as required by law. NAICOM stated the partnership would have positive impact on Nigeria’s infrastructure development and attract more investments and promoting economic growth.
A joint committee would draw up modalities for the partnership and a statement of compliance with insurance requirements in any contract going forward would be collectively issued by January 2025.
Feature picture, The Commissioner for Insurance Mr. Olusegun Ayo Omosehin (L) with the Director General ICRC Dr. Jobson Oseodion Ewalefoh.
