NAICOM, operators to inspect local content in oil industry

Bisola David
Bisola David
Pension funds climb by 22% to N18tn - NAICOM

The benefits and difficulties of putting the requirements of the Nigerian Oil and Gas Industry Content Development Act into practice will be discussed by stakeholders and regulatory organizations in the oil and gas industry as well as the insurance sector.

“The National Insurance Commission has agreed to facilitate discussion at the 2023 National Conference on “Building Local Content Synergy Between the Insurance Industry and the Oil and Gas Sector,” according to the press release.

According to a statement by Mrs. Yemisi Izuora of STANMEG Communications, the stakeholders will meet at their conference in July to discuss several topics, including sections 49 and 50 that deal with insurance for oil and gas activities.

The main speaker for the conference being organized by STANMEG Communications, proprietors of Oriental News Nigeria Online, is Commissioner for Insurance, Sunday Thomas, who has also confirmed the presence of the regulators.

The statement claimed that NAICOM will take the insurance sector’s lead in examining significant concerns that might provide obstacles to the sector’s exploration of the vast prospects presented by the Act.

The Nigerian Content Development and Monitoring Board would offer advice on how to make the most of the opportunities and value the Act presented.

Using thorough research methods, STANMEG Communications said that it had found a significant gap in the insurance industry’s ability to underwrite business in the oil and gas sector.

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