The high-profile event, themed "Local Content & Digitisation: Building Synergy Between Oil & Gas and Insurance Sectors for Inclusive Growth," is expected to bring together regulators, industry leaders, policymakers, civil society organisations, members of the media, academics, and students to discuss strategies for strengthening collaboration between Nigeria's oil and gas and insurance industries.
The conference will hold at the Oriental Hotel, Victoria Island, Lagos, beginning at 10:00 a.m.
Organisers disclosed that the event is designed to examine how technology-driven innovation and local content policies can enhance operational efficiency, deepen industry partnerships, and drive sustainable economic growth across both sectors.
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has also confirmed his participation at the conference, further underscoring the significance of the gathering.
According to the organisers, the Managing Director/Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, will serve as Chairman of the conference, while the Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, will deliver the keynote address.
Speaking on the rationale behind the theme, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, said the conference seeks to provide practical insights into how the insurance and oil and gas sectors can leverage emerging technologies to improve collaboration and address longstanding implementation challenges associated with the Nigerian Oil and Gas Industry Content Development (NOGICD) Act.
She stated: "The choice of this year's theme was borne out of the quest to provide insight on how the two sectors, insurance and oil & gas, can leverage on cutting-edge technologies to boost collaboration and synergy towards surmounting challenges associated in implementing the Provisions of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act."
Industry observers note that Sections 49 and 50 of the NOGICD Act are critical provisions aimed at promoting local participation and capacity development within Nigeria's oil and gas value chain. The law mandates operators engaged in oil and gas activities to insure all insurable risks related to their operations with insurance companies operating in Nigeria through brokers registered within the country.
The Act further stipulates that operators seeking to place insurance risks offshore must first obtain written approval from NAICOM. Before such approval is granted, the insurance regulator is required to establish that local underwriting capacity has been fully exhausted.
To strengthen compliance and eliminate identified gaps in implementation, the Nigerian Content Development and Monitoring Board (NCDMB) and NAICOM jointly launched operational guidelines in 2022. The guidelines were expected to provide greater clarity for operators and insurers while ensuring that the objectives of the local content legislation are fully realised.
Despite these regulatory efforts, stakeholders have continued to identify several obstacles affecting the industry's ability to maximise opportunities under the Act. Among the major concerns are inadequate capitalisation, limited underwriting capacity in specialised risk areas, and the need for greater technological integration across the insurance value chain.
However, industry analysts believe the landscape is changing rapidly. The enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 has ushered in a new era for the insurance sector, providing a stronger legal and regulatory framework aimed at enhancing competitiveness, boosting investor confidence, and aligning the industry with global best practices.
In addition, the ongoing recapitalisation exercise is expected to produce larger, stronger, and more resilient insurance companies capable of underwriting bigger risks within the oil and gas sector, thereby reducing the industry's dependence on foreign markets.
Stakeholders at the conference are expected to explore how digitisation, stronger regulatory collaboration, and enhanced local capacity can unlock new opportunities for growth, deepen insurance penetration, and ensure that the benefits of Nigeria's local content policies are fully realised across the broader economy.
With Professor Barth Nnaji, one of Nigeria's foremost industrialists and energy experts, attending as Special Guest of Honour, expectations are high that discussions at the event will generate actionable recommendations for advancing local content development and accelerating digital transformation in two of Nigeria's most strategic sectors.