Yemisi Izuora
Nigeria’s insurance and oil and gas industries have been urged to forge stronger strategic partnerships anchored on local content development and digital transformation to accelerate inclusive economic growth and strengthen the nation’s resilience.
The call was made by the Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, while delivering the keynote address at the SUPERNEWS Nigeria Local Content Confab 2026 and the organisation’s 10th Anniversary celebration held in Lagos.
Speaking on the theme, “Local Content & Digitalisation: Building Synergy between the Oil & Gas and Insurance Sectors for Inclusive Growth,” Okeahialam said Nigeria’s next phase of economic development must be driven by collaboration among critical sectors, stronger institutions, innovation and strategic partnerships capable of unlocking sustainable value.
According to her, while Nigeria has recorded significant progress in local content development within the oil and gas industry, the next frontier should extend beyond asset ownership to include indigenous financing, insurance, technology, expertise and risk management.
She described insurance as critical economic infrastructure that provides the confidence required for investment, financing and long-term business sustainability, stressing that effective risk management is indispensable for an industry as complex as oil and gas.
Okeahialam noted that retaining more insurance premiums within Nigeria would strengthen domestic capital formation, create employment opportunities, deepen professional expertise and reinforce the country’s financial ecosystem.
“The relationship between the oil and gas and insurance sectors must evolve beyond a transactional arrangement into a strategic partnership. By strengthening local insurance capacity, we strengthen local content, retain greater economic value within Nigeria and accelerate national development,” she said.
The Royal Exchange chief executive also highlighted digitalisation as a major catalyst for transforming operational efficiency, innovation and competitiveness across industries.
She observed that technologies such as artificial intelligence, cloud computing, automation, data analytics and the Internet of Things are reshaping business operations, while simultaneously creating new risks, including cyber threats, data breaches and digital infrastructure vulnerabilities.
According to her, the insurance industry must evolve from merely compensating losses to helping businesses anticipate risks, prevent disruptions and improve resilience through technology-driven solutions.
She envisioned an ecosystem where oil and gas operators, insurers, regulators, technology firms and investors collaborate through shared data, predictive analytics and integrated risk management systems to improve underwriting, minimise losses and enhance operational efficiency.
Okeahialam further stressed that the benefits of local content and digitalisation must extend beyond large corporations to include small and medium-sized enterprises, women-owned businesses, young professionals, technology innovators and host communities.
She outlined a roadmap towards 2030 built around five priorities: deepening local content, accelerating digital transformation, strengthening domestic insurance capacity, enhancing cyber resilience and promoting stronger public-private partnerships.
“The future of Nigeria’s oil and gas industry will not be secured by production alone. It will be secured by partnerships, innovation and strong institutions. Local content gives us participation, digitalisation gives us efficiency, insurance gives us resilience, and together they create sustainable and inclusive growth,” she added.
Earlier in her welcome address, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, described the conference as a milestone marking a decade of dedicated journalism, professionalism and policy advocacy across Nigeria’s financial services, insurance, telecommunications and oil and gas sectors.
She said the conference was designed to stimulate dialogue on leveraging technology, policy reforms and local content implementation to strengthen collaboration between the oil and gas and insurance industries, particularly in advancing compliance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development Act.
Onyeakusi noted that with the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation exercise in the insurance industry, the sector is better positioned to build stronger underwriting capacity and compete globally.
She expressed appreciation to regulators, industry leaders and corporate partners, including the National Insurance Commission, Nigerian Communications Commission, National Pension Commission and other stakeholders, for supporting the conference and promoting dialogue aimed at driving sustainable national development.