BY NKECHI NAECHE– ESEZOBOR–The leadership of the Nigerian Council of Registered Insurance Brokers, (NCRIB), has called on the Federal government to ensure all its projects in the 2025 budget are adequately protected by insurance.
The Chairman of the Council, Prince Babatunde Oguntade, gave the advise at a press conference with insurance Journalists in Lagos, noting that the Federal Government is committed to developing Nigeria’s infrastructure highways, railways in this year’s budget but adequate insurance cover is needed to mitigate against any form of risk.
“Government’s commitment to investing in critical sectors such as transportation, energy and housing is laudable. Initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrate the government’s dedication to bridging the infrastructure gap in Nigeria.
“However, I firmly believe that insurance can play a vital role in mitigating the attached risks and promoting economic growth. In executing these laudable projects, we must emphasise the importance of ensuring that these projects are adequately insured. Insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses.
On part of the Council he said “Our council has been working tirelessly to promote the development of the insurance industry in Nigeria. We have engaged policymakers, regulators, and other stakeholders to create an enabling environment for insurance to thrive.”
He appluded the Nigerian Police on the planned clampdown of vehicles without insurance on Nigerian roads from February 1, 2025.
This he said is highly commendable because the efforts would not only increase the Industry’s revenue, but also create more awareness on the importance of Insurance and thereby created economic security and growth.
“We urge the IGP to make good his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.”
He however, noted that “despite these efforts, there is still much work to be done. The insurance penetration rate in Nigeria remains abysmally low compared to its teeming population of over 200 million people. This is a challenge that we must collectively address”
