National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have agreed on partnership to implement insurance provisions for assets under public-private partnership (PPP) arrangements, as outlined in the law.
According to the two agencies, this partnership marks a significant milestone in Nigeria’s infrastructure development, by ensuring that infrastructure projects are properly insured, in order 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 (PPPs) 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…