The insurance brokerage fraternity has spoken extensively on how integration of insurance into government’s infrastructure projects would drive sustainability and growth.
According to the brokers under the umbrella body of the Nigerian Council of Registered Insurance Brokers (NCRIB), insurance is a critical component of any infrastructural development/projects, as it provides financial protection against unforeseen risks and losses.
Babatunde Oguntade, the 22nd President of the NCRIB giving account of his stewardships fourteen months after inauguration as the helmsman of the body, believes that insurance can play a vital role in mitigating the attached risks and promoting economic growth in government’s effort to provide infrastructure across the country.
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“The huge expenditure of government on building several highways, railways in this year’s budget are well noted. 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.”
Commending the efforts of government on this, he said government’s commitment to investing in critical sectors such as transportation, energy and housing is laudable, pointing that initiatives like the National Integrated Infrastructure Master Plan (NIIMP) and the Economic Recovery and Growth Plan (ERGP) demonstrates the government’s dedication to bridging the infrastructure gap in Nigeria.
Oguntade said the NCRIB under his administration has made conscious efforts to enhance the image of the industry leveraging his thrust of office “Breaking New Grounds, Sustaining Legacies”.
“At my investiture more than a year ago, we set out with eight point agenda. I indeed vowed to deploy my experience and God’s given grace and strength to serve our noble industry, sustaining the legacies of our forerunners and opening more vista of business opportunities for members through strategic engagements.”
“As at today, we have represented the Council at places of importance and made strategic visitation to people of influence. We have engaged with key stakeholders, including government officials, industry leaders, and other relevant parties, to foster relationships, promote our members’ interests, and advocate for the growth of the insurance sector.”
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He said, “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. By strategically visiting influential people, the Council can effectively represent the interest of the entire industry.”
“Furtherance to our efforts on working together with other organizations to achieve common goals, in the context of the insurance and housing sectors, our Council’s collaborations with housing developers and government agencies to create affordable insurance products received considerable boost.”
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