The Nigerian Content Development and Monitoring Board (NCDMB) has committed to leading discussions at the 2023 National Conference on Building Local Content Synergy between the Insurance Industry and the Oil and Gas Sector.
Executive secretary of the board Simbi Wabote has confirmed NCDMB’s participation and has also agreed to be the guest speaker at the conference organised by STANMEG Communications, publishers of Oriental News Nigeria Online.
The conference aims to bring together key stakeholders and regulatory agencies from both the oil and gas industry and the insurance sector to deliberate on the benefits and challenges of implementing the provisions of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act, particularly sections 49 and 50, which deal with insurance of oil and gas activities.
The event is scheduled to take place on Thursday, July 20 at Sheraton Hotels in Ikeja, Lagos, starting at 9 am.
While NCDMB leads the oil and gas industry in examining key issues that may pose challenges for exploring the significant opportunities provided by the Act, the National Insurance Commission (NAICOM) will provide insights into the possibilities and value creation presented by the Act.
STANMEG Communications, through rigorous research, observed a significant gap in the insurance industry’s underwriting capacity in the oil and gas sector. In response, NCDMB and NAICOM recently signed insurance services guidelines that will require the oil and gas industry to patronize the local insurance sector, thereby retaining spending within the economy.
Recognising the importance of this issue, STANMEG Communications, in collaboration with its partners, has taken the initiative to create a national platform that brings together operators from both sectors to engage in discussions and conversations about the key sections of the Act, identify challenges and opportunities, and foster stronger synergy to promote local content in the insurance sector.
The conference organisers have selected a theme that focuses on the potential outcomes of implementing the Act within the insurance industry. The conference theme is “Building Local Content Synergy between the Oil and Gas and Insurance Sectors in Nigeria,” with a sub-theme of “Harnessing Insurance Opportunities in the Oil and Gas Industry.”
Chief executive officer of the Center for the Promotion of Private Enterprise (CPPE) Dr. Muda Yusuf will serve as conference chairman.
