The Nigerian Council of Registered Insurance Brokers (NCRIB) has urged the federal government to integrate insurance into its infrastructure projects, emphasizing the importance of financial protection against unforeseen risks. This appeal comes as the government continues to invest heavily in transportation, energy, and housing under initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP).
Speaking at the “Breakfast Series with the President” in Lagos, the NCRIB President, Prince Babatunde Oguntade, stressed that insurance is a critical element for ensuring the sustainability of infrastructure development. He highlighted how integrating insurance into these projects can mitigate risks and support Nigeria’s economic growth.
Oguntade commended the government’s ongoing efforts in building highways, railways, and other essential infrastructure, stating, “Insurance provides financial protection against unforeseen risks and losses. It is vital for ensuring the longevity and safety of these projects.”
He also noted that NCRIB has been actively engaging with key stakeholders to promote the adoption of insurance in infrastructure. “We have represented the Council at strategic engagements with government officials and industry leaders to foster relationships, advocate for the growth of the insurance sector, and open new business opportunities for our members,” he said.
Under his leadership, the NCRIB has prioritized initiatives aimed at enhancing the image of the insurance industry. Oguntade shared progress on his administration’s agenda, which focuses on breaking new grounds and sustaining legacies. “In the past 14 months, we’ve made significant strides, including collaborations with housing developers and government agencies to create affordable insurance products,” he stated.
The Council has also worked to strengthen its influence and credibility by connecting with influential stakeholders across sectors. These efforts aim to boost business opportunities for brokers, improve trust in the insurance industry, and foster stronger partnerships that benefit the broader economy.
Oguntade added, “Our strategic visitations and collaborations are not just about building relationships; they are about creating an enabling environment where the insurance sector can thrive. The integration of insurance into infrastructure projects is a step towards achieving this vision.”
The NCRIB continues to advocate for policies that protect Nigeria’s investments in critical infrastructure while promoting sustainable development. By including insurance in infrastructure projects, the Council believes that Nigeria can build a safer and more resilient economy.
This appeal highlights the role of insurance as a cornerstone for economic stability and growth, making it an indispensable part of Nigeria’s developmental agenda.
