Key points
- Royal Exchange wants closer collaboration between Nigeria’s oil and gas and insurance sectors.
- The company says stronger partnerships can deepen local content, digitalisation and sustainable economic growth.
- Industry stakeholders identify weak implementation of local content laws and limited underwriting capacity as key challenges.
- Participants call for greater investment in technology, skills and local insurance capacity to retain more energy risks in Nigeria.
Main story
The Group Managing Director of Royal Exchange Plc, Mrs Idu Okeahialam, has called for stronger collaboration between Nigeria’s oil and gas and insurance sectors to accelerate local content development, digital transformation and sustainable economic growth.
Speaking on Tuesday at the 10th SuperNews Annual Conference in Lagos, Okeahialam said deeper cooperation between both industries would improve productivity, strengthen competitiveness and create long-term economic value.
She argued that Nigeria’s local content agenda should extend beyond ownership of oil assets to include financing, insurance, technology and risk management, noting that insurance plays a vital role in boosting investor confidence, supporting project financing and improving business resilience.
Okeahialam urged insurance companies to increase investment in technology, innovation and human capital to address emerging risks, particularly cyber threats associated with growing digitalisation.
She also advocated stronger partnerships involving government, regulators, oil and gas operators, insurers and technology firms to deepen local insurance capacity and retain a larger share of energy risks within Nigeria.
According to her, strengthening local content, accelerating digital transformation, expanding domestic insurance capacity, improving cyber resilience and promoting public-private partnerships should remain key priorities for achieving sustainable economic growth by 2030.
Panelists at the conference echoed the call for greater collaboration, saying existing legislation already supports local participation in the oil and gas industry but weak implementation and poor compliance continue to undermine progress.
They proposed the establishment of a joint task force to improve coordination between the two sectors, strengthen implementation of existing laws and expand local underwriting capacity.
The stakeholders also stressed the need for increased investment in specialised skills, digital innovation, data sharing and product development to better manage complex oil and gas risks.
They said closer collaboration among regulators, operators, insurers, technology firms and academic institutions would help retain more insurance business within Nigeria while advancing the country’s 2030 local content objectives.
Also speaking, the President of the Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Ekeoma Ezeibe, represented by Mrs Olufunke Adenusi, Managing Director of Colximate Insurance Brokers Ltd., described the conference theme as timely and important.
She said stronger synergy between the oil and gas and insurance sectors would encourage investment, create jobs and strengthen local content development.
While acknowledging progress in both industries, Ezeibe identified inadequate capital and limited local underwriting capacity for offshore energy risks as major challenges facing the insurance sector.
She, however, noted that the Nigeria Insurance Reform Act 2025 and increasing collaboration between the National Insurance Commission and the Nigerian Content Development and Monitoring Board had created positive momentum for the industry.
Ezeibe called for sustained efforts to build a competitive, well-capitalised and digitally enabled insurance industry capable of underwriting Nigeria’s growing energy risks.
She also reaffirmed NCRIB’s commitment to promoting ethical and professional risk advisory services and pledged continued support for initiatives that strengthen collaboration between both sectors.
The issues
Although Nigeria has strengthened local content policies in the oil and gas industry, stakeholders argue that weak implementation, fragmented collaboration and limited domestic underwriting capacity continue to constrain the insurance sector’s ability to retain high-value energy risks. Industry players believe closer cooperation and greater investment in technology and skills are essential to maximising local value creation.
What’s being said
“Nigeria’s local content agenda should extend beyond ownership of oil assets to financing, insurance, technology and risk management.” — Idu Okeahialam, Group Managing Director, Royal Exchange Plc
“Stronger synergy between the oil and gas and insurance sectors will boost investment, create jobs and strengthen local content.” — Ekeoma Ezeibe, President, Nigerian Council of Registered Insurance Brokers (represented by Olufunke Adenusi)
What’s next
Stakeholders are expected to intensify engagement on improving implementation of local content policies, strengthening domestic underwriting capacity and advancing digital transformation to support Nigeria’s 2030 local content and economic development goals.
Bottom line
Industry leaders say deeper collaboration between Nigeria’s oil and gas and insurance sectors will be crucial to expanding local content, retaining more energy risks within the country and supporting sustainable economic growth.
