L-R: Executive Director, Operations, Veritas Kapital Assurance Plc, Mr. Sunkanmi Adekeye; representative of the Chairman of the occasion and Managing Director of Universal Insurance PLC, Dr. Jeff Duru, General manager, Marketing, Universal Insurance PLC, Mr. Tunji Oyebayo; and Professor Olajide Fadun, Department of Insurance and Actuarial Science, University of Lagos, at the occasion.
Managing Director and Chief Executive Officer of Universal Insurance Plc, Dr. Jeff Duru, has called for stronger collaboration between Nigeria’s oil and gas and insurance sectors, stressing that deeper local content implementation and accelerated digital transformation are critical to unlocking inclusive economic growth and strengthening national resilience.
Duru made the call while delivering his address as Chairman of the Occasion at the 10th Annual SuperNews Conference, where he commended the organisers for sustaining a decade-long platform dedicated to policy dialogue, thought leadership and economic development.
Speaking on the conference theme, “Local Content and Digitisation: Building Synergy Between the Oil and Gas and Insurance Sectors for Inclusive Growth,” Duru described the subject as timely and strategic, noting that Nigeria’s quest to consolidate its position as Africa’s largest economy requires stronger local capacity development, technological innovation and cross-sector collaboration.
He said the Nigerian Oil and Gas Industry Content Development Act had significantly increased indigenous participation in the petroleum value chain by encouraging local expertise, strengthening domestic enterprises and retaining greater economic value within the country.
According to him, local content should extend beyond ownership and participation in oil and gas operations to include the development of critical support industries such as insurance, which plays a vital role in managing risks across exploration, production, transportation, refining and distribution activities.
Duru observed that expanding local insurance capacity would enable the retention of insurance premiums within Nigeria, strengthen the domestic financial system, improve capital formation and empower indigenous insurers to underwrite increasingly sophisticated risks associated with the energy sector.
He noted that every major investment in the oil and gas industry depends on effective risk management, making insurance an indispensable partner in the country’s economic development agenda.
The Universal Insurance chief further highlighted the strategic importance of the oil and gas industry to Nigeria’s economy, noting that while the sector contributes about five to six per cent of the nation’s Gross Domestic Product, it accounts for approximately 90 per cent of export earnings and about 40 per cent of government revenue, underscoring the need for a resilient insurance industry capable of supporting its continued expansion.
He added that emerging opportunities in deep offshore exploration, gas infrastructure development, renewable energy investments and energy transition initiatives would require more sophisticated insurance products, presenting Nigerian insurers with opportunities to enhance technical expertise, underwriting capacity and innovation.
Duru also reiterated that existing provisions under the Nigerian Oil and Gas Industry Content Development Act, alongside guidelines issued by the Nigerian Content Development and Monitoring Board and the National Insurance Commission, require operators to place insurable oil and gas risks with Nigerian insurers and brokers where local capacity exists, a policy designed to deepen domestic underwriting capability and retain insurance premiums within the country.
He maintained that the future of the insurance industry would depend on companies that combine strong capitalisation, technical competence and digital innovation to meet the evolving needs of the energy sector.
To maximise the opportunities presented by local content and digitisation, Duru outlined key priorities, including strengthening local insurance capacity to absorb larger and more complex energy risks, accelerating digital transformation through investments in technology, cybersecurity and human capital, promoting secure data sharing and collaboration, supporting technology-driven innovation, and ensuring that economic growth delivers broad-based benefits to Nigerians.
He expressed confidence that closer collaboration between the insurance and oil and gas industries would unlock significant economic value, attract investment, strengthen national resilience and accelerate inclusive growth.
Congratulating SuperNews on the successful staging of its 10th Annual Conference, Duru expressed optimism that the deliberations would produce practical recommendations capable of advancing Nigeria’s local content and digital transformation agenda while supporting sustainable national development.