Expert seeks stronger Oil, Insurance alliance to deepen local content

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  Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, made this call in Lagos 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.