Industry stakeholders have called for stronger insurance capacity and greater participation by indigenous insurers to deepen local content development in Nigeria’s oil and gas sector. They emphasized that building the financial and technical capabilities of local insurance companies is essential to retaining more insurance premiums within the country, supporting indigenous operators, and strengthening the overall value chain of the petroleum industry. According to the stakeholders, enhancing domestic underwriting capacity will reduce reliance on foreign insurers, improve risk management, and create more opportunities for local businesses to participate meaningfully in high-value oil and gas projects. They also stressed the importance of closer collaboration among regulators, insurance firms, oil and gas operators, financial institutions, and government agencies to develop innovative risk solutions that meet international standards while supporting national economic objectives. Stakeholders noted that increased investment in capacity building, technology, skilled manpower, and capitalisation would enable Nigerian insurers to underwrite larger and more complex energy risks with greater confidence. They further highlighted that a robust insurance industry is critical to achieving the objectives of the Nigerian Oil and Gas Industry Content Development Act, promoting economic diversification, creating jobs, and strengthening investor confidence. Industry experts believe that expanding local insurance participation will contribute to sustainable sector growth, increase revenue retention, and reinforce Nigeria’s position as a leading energy producer in Africa. As reforms continue across the petroleum and financial sectors, stakeholders remain optimistic that stronger insurance capacity will accelerate local content implementation, improve operational resilience, and deliver long-term economic benefits for the country.
