By LOVETH AZODO, Lagos
The National Insurance Commission (NAICOM) in partnership with Nigerian Content Development and Monitoring Board has signed and unveiled the Guidelines on the submission of Insurance Programme by Operators, Project Promoters, Alliance Partners, and Nigerian Indigenous Companies in the Nigerian Oil and Gas Industry.
The Commissioner for Insurance, Mr Sunday Thomas CFI while giving his address at the occasion in Abuja Thursday reitreiterated that the overall aim of the guideline is the development of indigenous content through increased indigenous participation.
According to him, the enactment of the NOGICD Act facilitated the hitherto collaboration between the NCDMB and National Insurance Commission, this amongst others, led to the proactive considerations of the specific provisions of the NOGICD Act relating to the Insurance Industry.
“The joint Guidelines which is today issued with the objectives of enforcing and strengthening compliance with the provisions of the referenced sections of the NOGICD Act and relevant provisions of the Insurance Act with respect to companies carrying on insurance business in the Nigerian oil and gas industry is to also enable the Board monitor utilization of in-country insurance capacity.”
NAICOM Boss urged all operators, project promoters, alliance partners and Nigerian indigenous companies engaged in any form of business, operations or contract in the Nigerian oil and gas industry to note that the sighted relevant laws have demanded their adherence and continued compliance, hence the issuance of the Guidelines.
Speaking on the benefits of adhering to the guidelines, he said “It is on this note that I express optimism in relation to the realization of the benefits of increased local content which are but not limited to; increased retention, growth in in-country technical capacity. Job creation and employment generation, increased penetration and GDP growth, human capacity development, and many others.”
Thomas called for the need to secure domestic supply chains through strong backward domestic integration which he said has the potency of protecting economies from imported contagion of both a health and economic variety, we are also mindful of the capacity gap of the Supply side.
In his Optimism, he opined that the collaboration will serve as a platform to breach any observe gap between the demands of the Oil and Gas Sector and the products offered by the Insurance Industry.
