Yemisi Izuora
The Group Managing Director and Chief Executive Officer (GMD/CEO) of Royal Exchange Plc, Mrs. Idu Okeahialam, has said that a broader strategy and stronger collaboration between operators in the oil and gas industry and insurance sector will lead to greater success in local content implementation and digital transformation.
Okeahialam, says such approach will help to accelerate economic growth, strengthen domestic capacity and improve the country’s resilience.
The GMD, speaking during her keynote address at the SUPERNEWS Nigeria Local Content Confab 2026 and the organisation’s 10th anniversary celebration held in Lagos, on the theme, “Local Content & Digitalisation: Building Synergy between the Oil & Gas and Insurance Sectors for Inclusive Growth,” said Nigeria’s next phase of economic development would depend on stronger collaboration among key sectors, innovation, technology adoption and institutions capable of delivering sustainable value.
According to her, Nigeria has made considerable progress in implementing local content policies within the oil and gas industry, however she noted that the country’s ambition should extend beyond increasing indigenous ownership of assets to strengthening domestic financing, insurance, technology, technical expertise and risk management capabilities.
She added that the insurance industry plays a pivotal role in supporting investments by providing the confidence required for businesses to undertake large-scale projects, particularly in the capital-intensive oil and gas sector.
“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.
Okeahialam noted that increasing the volume of insurance premiums retained within Nigeria would deepen domestic capital formation, create employment opportunities, expand professional expertise and strengthen the country’s financial ecosystem.
She also identified digital transformation as a critical driver of competitiveness across industries, noting that emerging technologies, including artificial intelligence, cloud computing, automation, data analytics and the Internet of Things, are reshaping business operations and creating new opportunities for efficiency and innovation.
However, she warned that the growing reliance on digital infrastructure has also introduced significant risks, including cyberattacks, data breaches and operational disruptions, requiring insurers to broaden their role from claims settlement to proactive risk prevention and resilience management.
According to the Royal Exchange chief executive, insurers should increasingly deploy technology-driven solutions capable of helping businesses anticipate emerging risks, minimise losses and improve operational continuity.
She envisioned a more integrated ecosystem in which oil and gas companies, insurance firms, regulators, technology providers and investors collaborate through shared data platforms, predictive analytics and integrated risk management systems to improve underwriting standards, enhance operational efficiency and reduce business risks.
Okeahialam further stressed that the gains from local content development and digitalisation should be inclusive, extending beyond large corporations to benefit small and medium-sized enterprises (SMEs), women-owned businesses, technology startups, young professionals and host communities.
She outlined a roadmap towards 2030 anchored on five strategic priorities: expanding local content participation, accelerating digital transformation, strengthening domestic insurance underwriting capacity, improving cyber resilience and fostering 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, Publisher of SUPERNEWS Nigeria, Mrs. Ngozi Onyeakusi, said the conference marked a decade of the organisation’s contribution to journalism, policy advocacy and stakeholder engagement across Nigeria’s financial services, insurance, telecommunications and oil and gas sectors.
She explained that the conference was convened to stimulate policy discussions on how technology adoption, regulatory reforms and effective implementation of local content policies could strengthen collaboration between the oil and gas and insurance industries.
According to Onyeakusi, the dialogue is particularly relevant in advancing compliance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development Act, which encourage the utilisation of indigenous insurance services in oil and gas operations.
She also noted that the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, alongside the ongoing recapitalisation of insurance companies, provides an opportunity for the industry to strengthen underwriting capacity, retain more energy risks locally and improve its competitiveness in regional and global markets.
Industry regulators, policymakers, insurance operators, oil and gas executives and other stakeholders attended the conference to discuss strategies for strengthening local participation, promoting innovation and enhancing collaboration aimed at supporting sustainable economic development in Nigeria