SUPERNEWS Confab highlights digitalisation as key to oil, insurance growth

L-R: Managing Director/CEO, Guinea Insurance Plc, Mr. Ademola Abidogun; Deputy President, Nigerian Council of Registered Insurance Brokers (NCRIB), Mrs Olufunke Adenusi; Executive Director, Operations, Veritas Kapital Assurance Plc, Mr. Sunkanmi Adekeye; Managing Director, Deepshores Energy Limited, Mrs. Nneka Obi; Ngozi Onyeakusi, Publisher, SUPERNEWS; GeneralManager, Marketing, Universal Insurance Plc, Mr. Tunji Oyebajo; Group Managing Director/CEO, Royal Exchange Plc, Mrs. Idu Okeahialam; and Professor Olajide Fadun, Department of Insurance and Actuarial Science, University of Lagos at the 2026 SUPERNEWS Conference and 10th anniversary held in Oriental Hotel, Lekki Road, Lagos, on Tuesday.

Michael Olumide and Mercy Iheoma Ihedigbo

Nigeria’s insurance and oil and gas industries have been urged to build stronger strategic partnerships driven by local content development and digital transformation to accelerate inclusive economic growth, strengthen indigenous capacity and improve national resilience.

The call was made by the Group Managing Director and Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, during her keynote address at the SUPERNEWS Nigeria Local Content Confab 2026 and the organisation’s 10th anniversary celebration held in Lagos.

Delivering a paper 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 anchored on collaboration among critical sectors, stronger institutions, innovation and strategic partnerships capable of creating sustainable value.

She observed that although Nigeria has made considerable progress in implementing local content policies within the oil and gas sector, the country must now move beyond ownership of assets to strengthening indigenous financing, insurance, technology, expertise and risk management capabilities.

According to her, insurance remains a vital pillar of economic development because it provides the confidence required for investments, financing and long-term business sustainability, especially in a sector as capital-intensive and high-risk as oil and gas.

She noted that retaining a larger share of insurance premiums within Nigeria would significantly boost domestic capital formation, create employment opportunities, deepen professional expertise and strengthen the country’s financial system.

“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 stated.

Okeahialam also identified digitalisation as one of the most important drivers of innovation and competitiveness across industries, noting that technologies such as artificial intelligence, cloud computing, automation, data analytics and the Internet of Things are transforming business operations worldwide.

However, she warned that the rapid adoption of digital technologies has also introduced emerging risks, including cyberattacks, data breaches and vulnerabilities in critical digital infrastructure.

She stressed that the insurance industry must reposition itself beyond paying claims after losses occur to becoming a strategic partner that helps organisations identify, anticipate and mitigate risks through technology-driven solutions.

According to her, a digitally integrated ecosystem involving oil and gas operators, insurance companies, regulators, technology firms and investors would facilitate shared data, predictive analytics and integrated risk management systems capable of improving underwriting decisions, reducing losses and enhancing operational efficiency.

She further emphasised that the gains of local content and digitalisation should not be limited to large corporations but must deliberately include small and medium-sized enterprises, women-owned businesses, young professionals, technology innovators and host communities to ensure broad-based economic participation.

Looking ahead to 2030, the Royal Exchange CEO outlined a five-point roadmap centred on deepening local content implementation, accelerating digital transformation, strengthening domestic insurance capacity, improving cyber resilience and promoting stronger public-private sector collaboration.

“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 said.

Earlier in her welcome address, Publisher of SUPERNEWS Nigeria, Mrs. Ngozi Onyeakusi, described the conference as a landmark event celebrating a decade of quality journalism, professionalism and policy advocacy in Nigeria’s financial services, insurance, telecommunications and oil and gas sectors.

She explained that the conference was organised to stimulate meaningful dialogue on how technology, policy reforms and effective implementation of local content initiatives could strengthen collaboration between the oil and gas and insurance industries.

According to Onyeakusi, the discussions are particularly relevant in advancing compliance with Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development Act, while also supporting the broader objectives of national economic development.

She noted that the enactment of the Nigeria Insurance Industry Reform Act (NIIRA) 2025, alongside the ongoing recapitalisation exercise within the insurance sector, has positioned Nigerian insurers to build stronger underwriting capacity, improve competitiveness and participate more effectively in the global insurance market.

The publisher expressed appreciation to regulators, industry leaders and corporate organisations, including the National Insurance Commission (NAICOM), the Nigerian Communications Commission (NCC), the National Pension Commission (PenCom) and other stakeholders for supporting the conference and contributing to constructive dialogue aimed at advancing sustainable national development.

The conference brought together policymakers, regulators, executives from the oil and gas and insurance industries, technology experts and other stakeholders who shared perspectives on strengthening local content implementation and leveraging digital innovation to build a more resilient and inclusive Nigerian economy.