Stakeholders in Nigeria's insurance industry are calling for a deliberate expansion of domestic underwriting capacity to support the country's oil and gas sector.
Industry leaders argue that a stronger local insurance market is critical to deepening local content and ensuring the sustainability of energy projects within the nation.
The push for enhanced insurance capacity comes as Nigeria seeks to maximize the economic benefits of its energy resources.
By bolstering domestic insurers, the industry aims to reduce reliance on international underwriters and keep more capital within the local economy.
This structural shift is seen as a key enabler for the broader local content agenda in the energy sector.
This development aligns with a wider trend across emerging energy markets, where local content policies are increasingly tied to financial and risk-management infrastructure.