NCRIB Calls for Insurance Brokers to Drive Infrastructure Growth

Ekeoma Ezeib, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), called on insurance brokers to position themselves as central players in Nigeria's emerging industrial landscape during an event held in Lagos in April 2026. She noted that the unification of the foreign exchange market and the removal of subsidies would unlock unprecedented capital inflows for infrastructure development.

Ezeib reported a 41% year-on-year growth in capital inflows for the insurance economy in Q1 2026, attributing this to governmental reforms. She pointed out specific mega projects, including the Lagos-Calabar Coastal Highway and the Presidential CNG initiative, as direct conduits for insurance growth.

Japhet Duru, Managing Director and CEO of Universal Insurance PLC, emphasized the need for the brokerage community to build financial strength to support large-scale risks and addressed concerns regarding the 2026 recapitalization exercise mandated by the NIIRA Act 2025. Duru mentioned that Universal Insurance has already seen surplus investor interest and is preparing for a private placement process.