Nigerian insurance brokers, under the Nigerian Council of Registered Insurance Brokers (NCRIB), have emphasized the critical role of insurance in supporting government infrastructure projects. During a recent report marking 14 months of stewardship, NCRIB’s President, Babatunde Oguntade, highlighted the importance of integrating insurance into major infrastructural developments to safeguard investments and drive economic growth.
Oguntade acknowledged the government’s efforts in advancing sectors such as transportation, energy, and housing through initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP). He noted that projects such as highways and railways, which constitute significant portions of the national budget, require adequate insurance to mitigate potential risks and financial losses.
“In executing these laudable projects, we must emphasize the importance of ensuring that they are adequately insured. Insurance is vital to protecting against unforeseen risks while promoting economic sustainability,” Oguntade said.
Under the theme “Breaking New Grounds, Sustaining Legacies,” Oguntade has prioritized initiatives aimed at improving the insurance industry’s image and fostering business growth. These include strategic engagements with stakeholders like government officials and industry leaders to enhance collaboration and create business opportunities for members.
The NCRIB has also partnered with housing developers and government agencies to offer affordable insurance products tailored to the housing sector. This collaboration aims to bridge gaps in access to insurance and create a safer financial environment for development projects.
Oguntade reiterated that the council’s ongoing engagements have strengthened relationships and trust among stakeholders, enhancing the credibility and influence of the insurance sector. These efforts are designed to encourage better partnerships and open new business opportunities for brokers, ensuring the growth of the industry.
As Nigeria continues to address its infrastructure deficit, the integration of insurance is expected to play a pivotal role in securing investments and fostering long-term economic progress.
