NAICOM and ICRC Partner to Insure Public-Private Partnership Projects
By Patience Ikpeme
The National Insurance Commission (NAICOM) and the Infrastructure Concession Regulatory Commission (ICRC) have joined forces to ensure adequate insurance coverage for assets under public-private partnership (PPP) arrangements.
The two regulatory bodies met on Monday, December 2, 2024, to discuss the specifics of the partnership. By working together, NAICOM and ICRC aim to mitigate risks, protect investments, and stimulate economic growth through robust insurance coverage for PPP projects.
A joint committee will be formed to develop modalities for the partnership. The committee will also work on a joint statement to enforce insurance requirements in all future PPP contracts.
This collaboration is expected to attract more investment into Nigeria’s infrastructure sector, leading to sustainable economic development. By ensuring proper insurance coverage, the partnership will provide greater assurance to investors and protect the nation’s valuable infrastructure assets.
