The Minister of Power Works and Housing, Babatunde Fashola has stressed the need to strengthen the insurance policy in Nigeria to take care of special risks that relate to the nation’s peculiar environment.
He was speaking in Abuja, at the 2016 national insurance conference on the topic “the role of insurance in infrastructure development.”
The Minister of Power Works and Housing Babatunde Fashola said there is the need for the policy to include national infrastructure like public buildings, roads, bridges and power installations against hazards like fire, building collapse among others.
Also fielding questions from journalists on the sideline of the event, the acting managing director of bank of industry Mr. Waheed Olagunju said the bank would collaborate with insurance companies to insure and protect loans given to micro, small and medium enterprises.
He said this was aimed at expanding BOI’s lending to enable memes to meet the bank’s conditions in securing loans due to challenges of providing collateral.
They called on the national assembly to enact legislation’s to accommodate new ideas in insurance policies.