Private Sector Partners NAICOM to Drive NIIRA 2025 Implementation Across Maritime, Petroleum Sectors

Representatives of the Organised Private Sector (OPSN) have commenced strategic engagements with the National Insurance Commission (NAICOM) to accelerate the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 through targeted sectoral insurance product offerings.

The delegation, which included representatives from relevant federal ministries, visited NAICOM to deliberate on the coordinated implementation of the Act's provisions and the deployment of sector-specific insurance solutions tailored for the maritime and petroleum industries.

Dr. Alban Igwe, who led the delegation in his capacity as Chairman of the OPS Insurance-Tech Committee, disclosed that the engagement followed extensive months of stakeholder consultations across the maritime and petroleum sectors. These consultations involved freight forwarders, transport associations, retailers, and underwriters.

According to Dr. Igwe, the team was at NAICOM to hold regulatory discussions on the implementation provisions of the law and the operationalisation of insurance products designed to address long-standing gaps in compensation and risk transfer within these critical sectors.

He explained that the initiative represents a multi-stakeholder, private sector-led effort mandated by two federal ministries—the Ministry of Petroleum Resources and the Ministry of Marine and Blue Economy—to coordinate relevant stakeholders and propose implementation of insurance provisions under NIIRA 2025.

The OPSN identified several umbrella organisations participating in the collaborative effort, including the Nigerian Chamber of Commerce, the Manufacturers Association of Nigeria, the National Association of Small Scale Industries, as well as trade associations in the transport and petroleum distribution sectors.

The delegation outlined two priority tracks for the sector-specific insurance products:

Maritime Sector Products: These are designed to mitigate container and cargo-related losses whilst providing faster compensation mechanisms for affected parties.

Petroleum Sector Products: These aim to provide public liability and commission liability cover for retail distribution and transit risks. The initiative acknowledges the tight retail margins prevalent in the sector and the need to consider appropriate pricing templates.

The engagement signals a renewed push by the private sector to align insurance reforms with practical sectoral needs, ensuring that the benefits of NIIRA 2025 reach key economic segments that drive Nigeria's trade and energy sectors.