The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to ensure adequate insurance coverage for all projects in the 2025 budget.
By Rukayat Adeyemi
The Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to ensure adequate insurance coverage for all projects in the 2025 budget.
Mr Babatunde Oguntade, President/Chairman, Governing Board of NCRIB, made the call during a news conference on Friday in Lagos.
Oguntade said that insurance helps in mitigating risks and fostering economic growth for major government infrastructure projects, such as the numerous highways and railways currently under construction
Oguntade noted that the expenditure of government on building several highways, railways in this year’s budget was huge.
He lauded the government’s effort in infrastructural development and commitment to investing in critical sectors such as transportation, energy and housing.
According to him, 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,” he said.
The NCRIB’s president said that the council had been working tirelessly to promote the development of the insurance industry in Nigeria.
He also said NCRIB was doing this by engaging policymakers, regulators and other stakeholders to create an enabling environment for insurance to thrive.
The NCRIB’s president commended the National Insurance Commission (NAICOM) on its efforts in promoting the growth of the insurance industry.
Oguntade lauded the Inspector General of Police, Dr Kayode Egbetokun, on his promise to commence clampdown of vehicles without insurance on Nigerian roads from Feb. 1.
He said: “This 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 create economic security and growth.
“We urge the IGP to fulfil his promise and ensure a zero tolerance to vehicles plying the Nigerian roads without insurance cover.
Oguntada expressed worry that insurance penetration rate in Nigeria remained abysmally low compared to its teeming population of over 200 million people.
He charged journalists covering the insurance sector to continue promoting insurance awareness and educate the public on its importance and benefits to individuals, businesses and the nation at large.
On his achievements in the last one year in office, Oguntade said the council, under his leadership, had engaged with key stakeholders, including government officials, industry leadersand other relevant parties.
He said the engagement was geared to foster relationships, promote members’ interests and advocate for the growth of the insurance sector.
“These visits have enabled us to build bridges, address challenges, and explore opportunities for collaboration.
“We took this route in our bid to build relationships and network that would benefit our members irrespective of their status.
“Our strategic visitations were expected to increase influence and credibility for the Nigerian Insurance Industry, especially, the brokers.
“Enhance business opportunities and growth; improve understanding and trust among stakeholders and stronger relationships and partnership,”he said.
Oguntada said that the council also laid the foundation of the construction of its magnificent annex building of a five floor building, christened Olola Olabode Ogunlana House, (NCRIB Annex) on Aug. 1, 2024.
He said the new building would enhance the council’s operations, serve as an additional source of income generation, and eventually reduce dependence of its activities on members’ subscription. (NAN
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