The National Insurance Commission in concert with the Nigerian Content Development and Monitoring Board, is spear heading the strengthening of mutual oversight to enhance local content in the oil and gas sector, with special interest for the insurance industry.
This formed the crux of the joint guidelines on submission of insurance programme by operators, project promoters, alliance partners, and Nigerian indigenous companies in the oil and gas industry.
The Commissioner for Insurance, Mr. Sunday Thomas, noted at the recent joint signing of guidelines that their efforts would not only strengthen mutual oversight functions but enhance local content for the local insurance industry.
Thomas explained that the federal government drive towards enhancing local content, “speaks to the long-term plan borne out of good intention and strategy to grow economy, develop the Nigerian industries and her human capital.”
He said the guideline primary consideration is to ensure that available in-country insurance capacity is fully filled before any foreign consideration. “The overall aim of the guideline is the development of indigenous content through increased indigenous participation,” he added.