The National Insurance Commission has signed a Memorandum of Understanding with the Bureau of Public Procurement to strengthen the insurance industry, particularly in relation to public procurement processes.
According to a statement from the insurance regulator, the Commissioner for Insurance, Olusegun Omosehin, on Monday welcomed the Director-General of BPP, Adebowale Adedokun, and his delegation to NAICOM for a working visit, which culminated in the signing of the agreement.
During the visit, Omosehin highlighted the role of NAICOM as the statutory regulator charged with supervising, regulating and promoting the growth of Nigeria’s insurance industry.
He further stated NAICOM’s current reform priorities include policyholder protection, regulatory capacity building, legal modernisation, recapitalisation, and increasing insurance penetration.
Describing the visit as significant, the Commissioner emphasised that the collaboration would reinforce the principles of public procurement and insurance practice in Nigeria. He noted that achieving President Bola Tinubu’s vision of transforming Nigeria’s economy into a one-trillion-dollar economy requires strong inter-agency cooperation.
The CFI stressed that the Commission’s reform objectives cannot be fully realised without strategic collaboration with agencies such as the BPP.
The Commissioner further disclosed plans to establish a platform to monitor and verify insurance coverage for public procurement items and assured that insurance operators would strictly adhere to established rules and standards.
