Nigeria’s oil and gas and insurance industries need a stronger strategic alliance built on local content development and digital transformation to unlock more domestic value, strengthen underwriting capacity and support inclusive economic growth, Royal Exchange Plc Group Managing Director/Chief Executive Officer Idu Okeahialam said.
At the SUPERNEWS Nigeria Local Content Confab 2026 and the organisation’s 10th anniversary in Lagos, Okeahialam said the next phase of local content development should move beyond asset ownership to include indigenous financing, insurance, technology, expertise and risk management.
Addressing the conference theme, “Local Content & Digitalisation: Building Synergy between the Oil & Gas and Insurance Sectors for Inclusive Growth,” she said stronger collaboration between both sectors would help retain more insurance premiums within Nigeria, deepen domestic capital formation, create jobs and reinforce the country’s financial ecosystem.
Okeahialam described insurance as critical economic infrastructure for investment, financing and long-term business sustainability, particularly in the high-risk oil and gas sector. She said the relationship between insurers and energy operators must evolve from a transactional arrangement to a strategic partnership that strengthens local capacity and accelerates national development.
She also identified digitalisation as a major growth driver, citing artificial intelligence, cloud computing, automation, data analytics and the Internet of Things as technologies reshaping business operations and competitiveness. At the same time, she warned that digital adoption is increasing exposure to cyber threats, data breaches and infrastructure vulnerabilities.
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According to her, insurers must move beyond compensating losses to helping businesses anticipate risks, prevent disruption and improve resilience through technology-driven solutions. She said closer collaboration among oil and gas firms, insurers, regulators, technology companies and investors — supported by shared data, predictive analytics and integrated risk management systems — could improve underwriting, reduce losses and lift operational efficiency.
Okeahialam outlined a 2030 agenda centred on five priorities: deeper local content, faster digital transformation, stronger domestic insurance capacity, enhanced cyber resilience and more robust public-private partnerships. She added that the benefits of local content and digitalisation should extend beyond large corporations to small and medium-sized enterprises, women-owned businesses, young professionals, technology innovators and host communities.
Earlier, SUPERNEWS Publisher Ngozi Onyeakusi said the conference was aimed at advancing dialogue on how technology, policy reform and local content implementation can strengthen collaboration between the oil and gas and insurance sectors, particularly in relation to compliance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development Act.
Onyeakusi said the Nigeria Insurance Industry Reform Act 2025 and the ongoing recapitalisation exercise have positioned the insurance industry to build stronger underwriting capacity and compete more effectively.
She described the event as a milestone in SUPERNEWS’ 10-year record of journalism and policy advocacy across financial services, insurance, telecommunications, and oil and gas, and thanked regulators and corporate partners for supporting the conference.
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