Monrovia — The Acting Managing Director of the National Insurance Corporation of Liberia (NICOL), Mr. Abdullah Swaray, has unveiled a bold fiscal reform and national asset protection plan aimed at transforming Liberia’s insurance sector and strengthening the country’s economic resilience.
Mr. Swaray described the initiative as a landmark step toward ensuring that all government assets are fully insured, protected, and properly managed to prevent losses that often strain the national budget. He explained that the reform is not only about insurance but also about promoting fiscal discipline, accountability, and sustainability in the management of state resources.
According to the Acting Managing Director, the reform will introduce modern insurance systems, enhance revenue collection mechanisms, and establish a national database to track and insure public assets across the country. “Our goal is to make NICOL a strong pillar of national development—one that supports government institutions, reduces risks, and generates domestic revenue for the Liberian economy,” Swaray said.
He emphasized that the initiative is in full alignment with President Joseph N. Boakai’s ARREST Development Agenda, which focuses on Agriculture, Roads, Rule of Law, Education, Sanitation, and Tourism. Through this alignment, NICOL aims to contribute meaningfully to the government’s efforts to rebuild the economy and ensure transparency in the use of public funds.
Mr. Swaray further disclosed that NICOL’s reform plan will involve close collaboration with the Ministry of Finance and Development Planning, the General Services Agency (GSA), and other relevant government institutions to ensure that all ministries and agencies comply with the new asset insurance policy.
He also announced that NICOL is exploring partnerships with international insurance and reinsurance companies to strengthen its technical capacity, improve service delivery, and adopt global best practices.
“The protection of national assets is a patriotic duty,” Mr. Swaray stated. “When we secure our public properties, we are not only protecting government investments but also preserving the nation’s economic stability for future generations.”
The NICOL Acting Managing Director concluded by reaffirming the corporation’s commitment to supporting Liberia’s growth through innovation, professionalism, and financial integrity, describing the new fiscal reform and asset protection plan as a new dawn for national accountability and sustainable progress.
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