NAICOM, operators to examine local content in oil sector

Stakeholders and regulatory agencies in both the oil and gas industry, and insurance sector will brainstorm on the benefits and challenges of implementing the provisions of the Nigerian Oil and Gas Industry Content Development Act.

A statement from Mrs Yemisi Izuora of STANMEG Communications, said the stakeholder would gather at its upcoming conference in July and discuss particularly on sections 49 and 50, which deal with insurance of oil and gas activities.

The statement said, “The National Insurance Commission has accepted to lead discussion at the 2023 National Conference on ‘Building local content synergy between the insurance industry and oil and gas sector.

“Commissioner for Insurance, Sunday Thomas, who has confirmed the regulators’ participation has also accepted to be the keynote speaker at the conference being organised by STANMEG Communications, publishers of Oriental News Nigeria Online.”

According to the statement, NAICOM would lead the insurance industry to examine key issues that could be challenges for the industry in exploring huge opportunities provided by the Act.

The Nigerian Content Development and Monitoring Board would provide insight to possibilities and value creation which the Act presented.

STANMEG Communications, using rigorous research tools said it observed huge gap in the insurance industry underwriting capacity in the oil and gas sector.