- Odibo Victory
The Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, has called for stronger collaboration between Nigeria’s oil and gas and insurance sectors to deepen local content, accelerate digital transformation and drive inclusive economic growth.
She made the call 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, innovation and strategic partnerships across key sectors.
According to her, although Nigeria has made significant progress in local content development within the oil and gas industry, the focus should now extend beyond asset ownership to indigenous financing, insurance, technology, expertise and risk management.
She described insurance as a critical pillar of economic growth, noting that it provides the confidence needed for investment, financing and long-term business sustainability in the oil and gas industry.
Okeahialam said retaining more insurance premiums within Nigeria would strengthen domestic capital, create jobs, 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.
She also identified digitalisation as a key driver of operational efficiency and innovation, noting that technologies such as artificial intelligence, cloud computing, automation, data analytics and the Internet of Things are transforming industries while creating new risks, including cyber threats and data breaches.
According to her, the insurance industry must move beyond paying claims to helping businesses anticipate risks, prevent disruptions and improve resilience through technology-driven solutions.
She envisioned closer collaboration among oil and gas operators, insurers, regulators, technology firms and investors through shared data, predictive analytics and integrated risk management systems to improve underwriting, reduce losses and enhance operational efficiency.
Okeahialam further stressed that the gains of local content and digitalisation should benefit not only large corporations but also small and medium-sized enterprises, women-owned businesses, young professionals, technology innovators and host communities.
She outlined five priorities for achieving the country’s 2030 vision, including 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.
In her welcome address, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, described the conference as a milestone marking the organisation’s 10 years of journalism, professionalism and policy advocacy across Nigeria’s financial services, insurance, telecommunications and oil and gas sectors.
She said the conference was organised to promote 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 added that the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025 and the ongoing recapitalisation of the insurance industry have positioned the sector to strengthen its underwriting capacity and compete globally.
She also thanked regulators, industry leaders and corporate partners, including the National Insurance Commission, the Nigerian Communications Commission and the National Pension Commission, for supporting the conference and promoting initiatives aimed at driving sustainable national development.