The Group Managing Director/Chief Executive Officer of Royal Exchange Plc, Mrs. Idu Okeahialam, has called for deeper collaboration between Nigeria’s oil and gas industry and the insurance sector, describing local content development, digital transformation and strategic partnerships as the pillars upon which the country’s sustainable economic future must be built.
Delivering the keynote address at the 10th Anniversary Conference of SUPERNEWS in Lagos, Okeahialam said Nigeria possesses enormous economic potential through its abundant natural resources, youthful entrepreneurial population and expanding digital economy, but stressed that unlocking these advantages requires deliberate collaboration across critical sectors.
She congratulated the management of SUPERNEWS for sustaining the annual conference over the last decade, describing the milestone as a remarkable achievement in promoting informed dialogue on national economic development.
“Ten years is no small achievement. It is a testament to consistency, resilience and commitment to advancing conversations that shape Nigeria’s economic future,” she said.
Speaking on the theme, “Local Content and Digitisation: New Frontiers Between the Oil and Gas and Insurance Sectors for Inclusive Growth,” Okeahialam said Nigeria’s development agenda has evolved beyond merely pursuing economic expansion to building a resilient economy capable of delivering prosperity that benefits all citizens.
According to her, sustainable growth can only be achieved through strategic partnerships that connect industries, strengthen institutions and unlock new opportunities for value creation.
She observed that while Nigeria has made significant progress in economic diversification, the oil and gas industry remains the backbone of the nation’s economy, contributing substantially to government revenue, foreign exchange earnings, employment generation and industrial development.
“The oil and gas industry continues to influence investment confidence, economic stability and national development. However, sustaining growth in the sector requires more than increasing production. It requires resilience, innovation and effective risk management,” she stated.
The Royal Exchange chief executive noted that Nigeria’s local content policy has become one of the country’s most successful economic initiatives, significantly increasing indigenous participation across exploration, production, engineering, logistics, fabrication and other oil and gas support services.
According to her, the next phase of local content should move beyond ownership of physical assets to ownership of technology, expertise, financing and insurance.
“True local content is achieved not only when Nigerians own assets but when Nigerians also finance, insure, manage and protect those assets. That is where the insurance industry becomes an indispensable partner in Nigeria’s economic transformation,” she said.
Okeahialam described insurance as far more than a regulatory obligation, insisting that it is a strategic component of national economic infrastructure that enables businesses to invest with confidence, supports access to finance and strengthens enterprise resilience.
She explained that the oil and gas sector operates in one of the world’s most complex risk environments, facing operational hazards, environmental liabilities, cyber threats, geopolitical uncertainties and supply chain disruptions that require robust insurance protection.
According to her, strengthening domestic insurance capacity would ensure more insurance premiums are retained within Nigeria, thereby supporting capital formation, job creation, professional development and long-term financial sector stability.
“A stronger insurance industry supports a stronger oil and gas industry, while a stronger oil and gas industry strengthens the Nigerian economy,” she noted.
The Royal Exchange boss also highlighted the transformative impact of digital technology on modern business operations, saying innovations such as artificial intelligence, cloud computing, automation, data analytics and the Internet of Things are redefining efficiency, productivity and competitiveness across industries.
She, however, warned that digital transformation also introduces emerging risks, including cybercrime, data breaches and technology failures, making it imperative for insurers to develop innovative products capable of addressing evolving business risks.
“The future of insurance will no longer be limited to paying claims after losses occur. The future belongs to insurers that can help businesses anticipate risks, prevent disruptions and build resilience before losses happen,” she said.
Okeahialam envisioned a future where oil and gas operators, insurers, technology companies, regulators and investors collaborate through integrated digital platforms, shared data and advanced analytics to improve operational efficiency and strengthen risk management.
She maintained that inclusive economic growth should not be measured solely by the wealth generated but by the number of Nigerians who benefit from that growth.
She advocated greater opportunities for small and medium-sized enterprises, women-owned businesses, young professionals, host communities and indigenous technology innovators to participate meaningfully in Nigeria’s economic development.
Looking ahead to 2035, Okeahialam outlined a strategic roadmap centred on deepening local content implementation, accelerating digital transformation, strengthening domestic insurance capacity and fostering stronger collaboration among government, regulators and private sector stakeholders.
She urged government to provide policy consistency and regulatory certainty while encouraging insurers to continue investing in technology, innovation, human capital and product development to meet the changing needs of the economy.
Concluding her keynote address, the Royal Exchange GMD said Nigeria’s future prosperity would be secured through stronger partnerships, innovation and institutions capable of managing emerging risks.
“Local content gives us participation. Digitisation gives us efficiency. Insurance gives us resilience. When these three forces come together, they create sustainable and inclusive growth. The opportunity before us is enormous, the responsibility belongs to all of us, and the time to act is now,” Okeahialam declared to sustained applause from participants.
The 10th Anniversary Conference of SUPERNEWS attracted regulators, insurance executives, energy industry leaders, financial experts and other stakeholders who deliberated on strategies for strengthening collaboration among key sectors to accelerate Nigeria’s economic transformation and inclusive development.
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Group Managing Director/CEO of Royal Exchange Plc, Mrs. Idu Okeahialam, has urged stronger collaboration between Nigeria’s oil and gas and insurance sectors, saying local content, digital transformation and innovation are critical to achieving sustainable and inclusive economic growth.
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