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Regulatory agencies and stakeholders from the oil and gas industry and the insurance sector will come together to discuss the implementation of the Nigerian Oil and Gas Industry Content Development Act. The conference, scheduled for July, will focus on exploring the benefits and challenges associated with the Act, particularly sections 49 and 50, which pertain to insurance of oil and gas activities.
In a statement by Mrs. Yemisi Izuora of STANMEG Communications, it was announced that the National Insurance Commission (NAICOM) has agreed to lead the discussions at the 2023 National Conference on “Building local content synergy between the insurance industry and the oil and gas sector.” The Commissioner for Insurance, Sunday Thomas, will serve as the keynote speaker at the conference, organized by STANMEG Communications, the publishers of Oriental News Nigeria Online.
The statement further highlighted that NAICOM will lead the insurance industry in examining critical issues that may pose challenges in leveraging the significant opportunities presented by the Act. The Nigerian Content Development and Monitoring Board will provide insights into the possibilities and value creation outlined in the Act.
Based on thorough research, STANMEG Communications has identified a significant gap in the insurance industry’s underwriting capacity in the oil and gas sector.
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