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, said this in a statement on Thuraday in Abuja.
Adedokun, during a visit to NAICOM, said that the partnership aimed to strengthen procurement processes and integrate insurance requirements into government contracting across the public service.
He said that the collaboration would ensure that Nigerians benefited from ongoing economic reforms targeted at achieving a one-trillion-dollar economy under President Bola Tinubu.
Adedokun said that procurement had evolved into a multidisciplinary function requiring stronger collaboration among regulators to improve efficiency, transparency and investor confidence.
He commended NAICOM’s leadership for advancing reforms that leveraged insurance to strengthen government policies and programmes.
According to him, insurance bonds are critical instruments for conducting business in both public and private sectors.
Adedokun urged contractors to take advantage of insurance bonds as provided for under the Public Procurement Act.
He said that strong insurance sectors supported investment and economic growth by providing financial security and risk mitigation for businesses and governments.
The BPP boss also urged NAICOM to digitise procurement processes through simple digital platforms that could expand business opportunities and reduce poverty.
He highlighted BPP initiatives aligned with the Renewed Hope Agenda, including procurement digitalisation, debarment policy and affirmative procurement programmes.
Adedokun said that the “Nigeria First Policy” also prioritised local content and promoted made-in-Nigeria goods and services in government procurement.
Earlier, NAICOM Commissioner for Insurance, Olusegun Omosehin, said that the agencies were collaborating to standardise insurance requirements in public procurement.
Omosehin said that NAICOM remained responsible for regulating and supervising the insurance industry to ensure stability and policyholders’ protection.
He said that NAICOM’s reform priorities included strengthening regulation, sector capitalisation, financial stability, innovation and expanding insurance coverage.
Omosehin said collaboration with BPP was vital for achieving NAICOM’s transformation agenda.
He suggested creating digital platforms to monitor insurance procurement after approvals to enhance accountability.
Omosehin commended BPP for supporting insurance processes and pledged to revive the joint retreat between both agencies.
He said that insurance companies would comply fully with the insurance bond requirements in public procurement. (NAN)(www.nannews.ng)
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