…Says Policy Will Strengthen Sector, Protect Investments
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has intensified its push for the full implementation of the Petroleum Sector Insurance Law, describing it as a transformative policy that will strengthen Nigeria’s oil and gas industry and safeguard investments.
Speaking at the OPSN Stakeholders Engagement held in Lagos, NACCIMA National President, Engr. Jani Ibrahim, OON—represented by Director-General, Engr. Sola Obadimu—emphasised that deepening insurance culture is critical to boosting investor confidence, mitigating business risks, and stabilising economic activities.
“As business owners, the importance of insurance for our operations cannot be overstated. Insurance coverage helps mitigate business risks, attract foreign direct investment, and stabilise our industries,” Obadimu said.
He noted that adequate insurance coverage has become central to operations across the petroleum value chain, as well as in logistics, agriculture, manufacturing and other key sectors.
Obadimu highlighted NACCIMA’s ongoing collaboration with the Ministry of Petroleum Resources and other OPSN members to align industry practices with provisions of the new law and the Nigerian Insurance Industry Reform Act (NIIRA) 2025. He described NIIRA’s enforcement as a major step towards eliminating unsafe practices, particularly the distribution of petroleum products without proper insurance.
The DG commended major industry players—including the Independent Petroleum Marketers Association of Nigeria (IPMAN), Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Petroleum Distribution Oil and Gas Marketers Association of Nigeria (PDOGMAN), and Dangote Refinery—for supporting ongoing digitisation and standardisation efforts aimed at achieving seamless compliance.
Initial resistance from some stakeholders eased after a presentation by Mr. Soji Oni of the Nigerian Insurance Association (NIA). Oni clarified that NIIRA is not intended to increase operational costs but to ensure proper compensation and protection of lives and assets.
Following his explanation, key stakeholders—including the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adebayo Adewole, and the Lagos Coordinator of PETROAN, Mr. Ajani Adeolu—declared their support for the policy.
In a separate interview, Adeolu reaffirmed his backing, while Director of the Dangerous Goods Academy, Dr. Alban Igwe, noted that stakeholders now better understand that insurance prioritises citizens’ welfare, even amid rising inflation.
Also speaking, the Vice Chairperson of AML Bonded Terminal, Mrs. Affiong Israel, called for strict discipline in enforcing the new system, stressing that policies only succeed when compliance is taken seriously.
Reaffirming NACCIMA’s commitment to supporting Nigeria’s ambition of achieving a $1 trillion GDP by 2030, Obadimu said the association will continue to champion reforms that enhance business confidence and protect operators across the petroleum sector.
