The Nigerian Insurers Association has intensified efforts to enforce compulsory container insurance by training over 40 key underwriters on the mandates of the Nigeria Insurance Industrial Reform Act (NIIRA) 2025.
The workshop, which concluded in Lagos over the weekend, specifically focused on Section 203 of the Act, which requires all shipping containers entering Nigeria to be covered by local insurance policies.
This move is designed to shift the burden of risk away from cargo owners and ensure that claims for damaged or lost goods are settled efficiently within the domestic market.
Director-General of the NIA, Bola Odukale, emphasized that the success of this maritime reform depends on the technical competence of underwriters to handle complex logistics risks. By providing legal backing to these frameworks, the association aims to enhance investor confidence and stabilize the maritime value chain.
Experts from the Nigerian Shippers’ Council also participated in the training, highlighting the need for a unified regulatory approach to protect stakeholders from the financial shocks of supply chain disruptions.
The enforcement of compulsory container insurance is expected to significantly reduce the drainage of foreign exchange by ensuring that maritime premiums remain within Nigeria. As the insurance industry prepares for full operationalization of the new laws, the NIA has committed to ongoing professional development for its members.
This structural shift is positioned as a key pillar in Nigeria’s broader economic goal of creating a safer, more transparent, and globally competitive logistics ecosystem.
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