Abuja: The Bureau of Public Procurement (BPP) and the National Insurance Commission (NAICOM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and reforms in procurement and insurance. The Director-General of BPP, Dr. Adebowale Adedokun, announced this during a visit to NAICOM, stating that the partnership aims to enhance procurement processes and integrate insurance requirements into government contracting across the public service.
According to News Agency of Nigeria, Adedokun emphasized that the collaboration is designed to ensure that Nigerians benefit from ongoing economic reforms aimed at achieving a one-trillion-dollar economy under President Bola Tinubu. He highlighted the evolution of procurement into a multidisciplinary function, requiring stronger collaboration among regulators to improve efficiency, transparency, and investor confidence. Adedokun also commended NAICOM’s leadership for advancing reforms that leverage insurance to strengthen government policies and programs.
Adedokun noted the importance of insurance bonds as critical instruments for conducting business in both the public and private sectors. He urged contractors to utilize insurance bonds as provided under the Public Procurement Act, and stressed that a robust insurance sector supports investment and economic growth by providing financial security and risk mitigation for businesses and governments. Additionally, Adedokun called on NAICOM to digitize procurement processes through simple digital platforms to expand business opportunities and reduce poverty.
BPP’s initiatives, aligned with the Renewed Hope Agenda, include procurement digitalization, debarment policy, and affirmative procurement programs. The ‘Nigeria First Policy’ was also highlighted, prioritizing local content and promoting made-in-Nigeria goods and services in government procurement.
In response, NAICOM Commissioner for Insurance, Olusegun Omosehin, stated that the agencies are collaborating to standardize insurance requirements in public procurement. Omosehin affirmed NAICOM’s responsibility for regulating and supervising the insurance industry to ensure stability and policyholders’ protection. He outlined NAICOM’s reform priorities, which include strengthening regulation, sector capitalization, financial stability, innovation, and expanding insurance coverage.
Omosehin emphasized that collaboration with BPP is vital for achieving NAICOM’s transformation agenda, suggesting the creation of digital platforms to monitor insurance procurement after approvals to enhance accountability. He also commended BPP for supporting insurance processes and pledged to revive the joint retreat between both agencies, ensuring that insurance companies fully comply with insurance bond requirements in public procurement.