SUPERNEWS @10: Royal Exchange CEO Calls for Stronger Oil-Insurance Partnership to Boost Local Content
Lagos, Nigeria – The Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, has called for closer collaboration between Nigeria’s oil and gas and insurance industries, stressing that stronger partnerships, digital innovation and local capacity development are critical to achieving sustainable and inclusive economic growth.
Okeahialam made the call while delivering the keynote address at the SUPERNEWS Nigeria Local Content Confab 2026, held alongside the media organisation’s 10th anniversary celebration in Lagos.
Speaking on the theme, “Local Content and Digitalisation: Building Synergy between the Oil and Gas and Insurance Sectors for Inclusive Growth,” she said Nigeria’s economic future depends on stronger institutions, innovation and strategic alliances that create lasting value across key sectors of the economy.
She noted that while the country has made notable progress in implementing local content policies in the oil and gas industry, the focus should now shift towards expanding indigenous participation in financing, insurance, technology, professional expertise and risk management.
According to Okeahialam, insurance remains a vital pillar of economic development, providing the confidence investors and businesses require to undertake long-term projects in a high-risk industry such as oil and gas.
She explained that increasing the volume of insurance business retained within Nigeria would enhance domestic capital formation, create employment opportunities, deepen technical expertise and strengthen the nation’s financial system.
“The relationship between the oil and gas and insurance sectors should move beyond routine business transactions to a strategic partnership that supports national development. Strengthening local insurance capacity ultimately strengthens local content and ensures more economic value is retained within the country,” she said.
The Royal Exchange boss also identified digital transformation as a major driver of competitiveness, noting that technologies such as artificial intelligence, cloud computing, automation, data analytics and the Internet of Things are revolutionising business operations.
She, however, cautioned that these technological advancements have also introduced emerging risks, including cyberattacks, data breaches and vulnerabilities in digital infrastructure.
Okeahialam urged insurance companies to evolve beyond their traditional role of indemnifying losses by adopting technology-driven risk management solutions that help businesses anticipate threats, prevent disruptions and improve operational resilience.
She advocated an integrated ecosystem where insurers, oil and gas operators, regulators, technology firms and investors leverage shared data, predictive analytics and digital tools to improve underwriting standards, minimise losses and enhance operational efficiency.
She further stressed that the gains of local content and digitalisation should benefit not only large corporations but also small and medium-sized enterprises (SMEs), women-owned businesses, young professionals, technology innovators and host communities.
To drive sustainable growth, Okeahialam outlined a five-point roadmap towards 2030 centred on strengthening local content implementation, accelerating digital transformation, expanding domestic insurance capacity, improving cyber resilience and fostering stronger public-private partnerships.
“The future of Nigeria’s oil and gas industry will not be determined by production alone. It will be driven by innovation, collaboration and resilient institutions. Local content delivers participation, digitalisation enhances efficiency, while insurance provides resilience. Together, they create a foundation for inclusive and sustainable economic growth,” she stated.
Earlier in her welcome address, Publisher of SUPERNEWS Nigeria, Ngozi Onyeakusi, described the conference as a landmark event commemorating a decade of impactful journalism and policy advocacy across Nigeria’s financial services, insurance, telecommunications and oil and gas sectors.
She said the forum was convened to promote dialogue on how technology, policy reforms and effective local content implementation can deepen collaboration between the oil and gas and insurance industries, particularly in advancing compliance with relevant provisions of the Nigerian Oil and Gas Industry Content Development Act.
Onyeakusi also observed that the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, coupled with the ongoing recapitalisation exercise in the insurance sector, has positioned the industry to build stronger underwriting capacity and compete more effectively on the global stage.
She commended regulators, industry leaders and corporate partners, including the National Insurance Commission (NAICOM), Nigerian Communications Commission (NCC), National Pension Commission (PenCom) and other stakeholders, for supporting the conference and contributing to discussions aimed at advancing Nigeria’s economic development.