Stronger Oil and Insurance Alliance Urged for Local Growth

Idu Okeahialam, the Managing Director and Chief Executive Officer of Royal Exchange PLC, urged for stronger strategic partnerships between the oil and gas and insurance sectors to deepen local content development. This call was made during his keynote address at the Supernew Nigeria Local Content Conference 2026, held in Lagos to celebrate its 10th anniversary.

Okeahialam emphasized that Nigeria's economic development relies on collaboration among critical sectors and the establishment of innovative strategic partnerships capable of unlocking sustainable value. He noted that significant progress has been made in local content development within the oil and gas industry, but the next frontier must extend beyond asset ownership to include indigenous financing, insurance technology, and risk management expertise.

He described insurance as a critical economic infrastructure that provides the confidence required for long-term business sustainability and highlighted the importance of retaining insurance premiums within Nigeria to strengthen the domestic capital market and create employment opportunities.