The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to allocate 75% of its assets, as outlined in the 2025 budget, to be insured by indigenous companies. This appeal, made by NCRIB President Babatunde Adeleke during a media briefing, underscores the importance of leveraging local expertise to protect national assets.
Adeleke emphasized the government’s commitment to infrastructure development, including highways and railways, but highlighted the need for adequate insurance coverage to mitigate risks associated with such large-scale projects. He expressed optimism that a significant portion—between 50% and 75%—of the budget for asset protection could be secured by the local insurance industry.
Reflecting on his tenure as NCRIB’s 22nd president, Adeleke outlined key achievements under his administration’s theme, “Breaking New Grounds, Sustaining Legacies.” He highlighted extensive engagements with stakeholders and agencies like the National Health Insurance Authority (NHIA) and the Nigeria Social Insurance Trust Fund (NSITF) to bolster the sector’s credibility and growth.
Adeleke also shed light on the Council’s efforts to make insurance more accessible and affordable by collaborating with housing developers and participating in events such as the Africa International Housing Fair. The Council has even explored opportunities within the creative industry, targeting sectors like film, music, and design, to expand the reach of insurance services.
However, he noted challenges facing the industry, including low insurance adoption during incidents like last year’s Ibadan explosions. To address this, NCRIB aims to increase awareness and promote the insurability of government projects, ensuring national investments are safeguarded.
Among the Council’s ongoing initiatives is the construction of a five-story annexe building designed to reduce reliance on member subscriptions by generating additional income. Adeleke also applauded the National Insurance Commission (NAICOM) for enforcing compliance with vehicle insurance, a move expected to boost industry revenue and awareness.
As Nigeria’s insurance sector looks to the future, Adeleke urged stakeholders to support efforts to enhance insurance penetration and foster resilience. The NCRIB remains committed to advancing the industry, driving inclusivity, and ensuring sustainable growth for years to come.
