Brokers seek 75 per cent local content for government’s asset cover

The leadership of the Nigerian Council of Registered Insurance Brokers (NCRIB) has called on the Federal Government to ensure that 75 per cent of its assets as contained in the 2025 budget proposal are covered by indigenous companies.

The President/ Chairman Governing Board of the Nigeria Council, Babatunde Adeleke, said this at a media briefing organised by the council, saying that the government is committed to developing Nigeria’s infrastructure highways and railways in the budget, but that adequate insurance cover is needed to mitigate against any form of risk.

Oguntade also disclosed plans to engage more agencies to stress the need to insure government assets and projects.
He expressed optimism that the efforts could result in the insurance industry securing a significant portion—between 50 to 75 per cent of the national budget for asset protection and risk management.

Reflecting on his tenure as the 22nd President of the NCRIB, Oguntade highlighted achievements made under his ‘Breaking New Grounds, Sustaining Legacies’ agenda.

His administration has embarked on extensive engagements with key stakeholders.

The council also said it would foster relationships with leaders from agencies like the National Health Insurance Authority (NHIA), the Nigeria Social Insurance Trust Fund (NSITF) among others to advocate for the growth of the insurance sector and enhance its credibility.

Oguntade also outlined the Council’s efforts to promote affordable insurance products through collaborations with housing developers and its participation in industry events like the Africa International Housing Fair.

Additionally, the Council has engaged with the creative industry, leveraging its vast network to explore opportunities for members in areas such as film, music, and design.

In his outlook for 2025, Oguntade highlighted the challenges the industry faces, such as the low insurance coverage observed during incidents like the Ibadan explosions last year.

He stressed the Council’s commitment to increasing insurance awareness, providing businesses with sound risk management advice, and promoting the insurability of government projects to safeguard national investments.

Other achievements include the ongoing construction of the NCRIB annexe, a five-story building designed to generate income and reduce the council’s reliance on member subscriptions. He also lauded the National Insurance Commission (NAICOM) for its planned enforcement of insurance compliance for vehicles, which is expected to boost revenue and create greater awareness.

While acknowledging the strides made, Oguntade urged stakeholders to support efforts to address the low insurance penetration rate in Nigeria.

He reaffirmed NCRIB’s commitment to advancing the industry and ensuring more resilient and inclusive growth.