Stories by Ebere Nwoji
Insurance sector operators have been charged to evolve from merely compensating losses to helping businesses anticipate risks, prevent disruptions and improve resilience through technology-driven solutions.
The Group Managing Director/Chief Executive Officer, Royal Exchange Plc, Mrs. Idu Okeahialam, gave the charge recently while delivering keynote address at the SUPERNEWS Nigeria Local Content Confab 2026 and the organisation’s 10th Anniversary celebration held in Lagos.
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.
She urged oil and gas operators to forge stronger strategic partnerships anchored on local content development and digital transformation to accelerate inclusive economic growth and strengthen the nation’s resilience.
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 provided the confidence required for investment, financing and long-term business sustainability, stressing that effective risk management was indispensable for an industry as complex as oil and gas.
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