The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the Federal Government to enhance the insurance component of the N47 trillion 2025 national budget to safeguard critical national assets. Speaking during a press conference in Lagos, NCRIB President Babatunde Oguntade highlighted the importance of insuring road infrastructure and other national projects, many of which currently lack adequate coverage.
Oguntade emphasized that while the government’s commitment to infrastructure development is commendable, incorporating insurance into these projects would not only mitigate risks but also ensure long-term sustainability. He noted that sectors such as transportation, energy, and housing have seen significant investments, citing initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP).
According to Oguntade, “Insurance is a critical component of infrastructural development. It provides financial protection against unforeseen risks and losses, promoting economic growth and stability.”
The NCRIB president commended the government for its dedication to bridging infrastructure gaps but urged the federal, state, and local governments to ensure that all projects, particularly those under construction, are adequately insured.
Oguntade also praised the National Insurance Commission (NAICOM) for its continuous efforts to advance the insurance industry and the expected Consolidated Insurance Law, which has already gained significant recognition in the National Assembly. He expressed optimism that the new law would create a more favorable business environment for the insurance sector.
The NCRIB has been actively engaging policymakers, regulators, and stakeholders to foster a thriving insurance industry in Nigeria. Oguntade reaffirmed the Council’s commitment to advocating for policies that strengthen the industry and ensure the insurability of national projects.
He also acknowledged the economic and infrastructural challenges Nigeria faces, including insecurity and funding deficits. However, he expressed hope that incorporating insurance into national projects would serve as a buffer against these challenges while supporting the growth of local insurance providers.
Oguntade concluded by emphasizing the NCRIB’s ongoing efforts to ensure the insurance industry plays a pivotal role in protecting Nigeria’s investments and advancing economic development.
