NCDMB and NAICOM Re-Emphasis Huge Economic Benefits Contained in the NOGIC Acts 2010 for the Oil, Gas and Insurance Sectors

……..by Ben Ndubuwa……..

The Executive Secretary of the Nigeria Content Development and Monitoring Board (NCDMB), Engr. Simbi Wabote and the Commissioner of the National Insurance Commission (NAICOM) Mr. Sunday Thomas have emphasized and agreed that the Nigeria Local Content law, the NOGICD Act 2010 is the window that has provided the needed legal, regulatory framework and huge economic opportunities in both the oil and gas and insurance sectors which has also opened the tremendous economic benefits that will develop Nigeria.

NCDMB and NAICOM said that sections 49 (1) and 50 of the Act gave detailed insight of what the huge opportunities are for the sectors.

Speaking during the just concluded Oriental News Summit, themed, Building Local Content Synergy Between the Oil and Gas and the Insurance Sector in Nigeria, held in Lagos recently. They agreed that there is need to build capacity and capital for insurance firms and operators to be able to handle the oil and gas sector risk opportunities. NCDMB however frowns at non participation of financial operators in most NCDMB programmes and events as this do not promote the synergy between the two sectors

The Insurance commissioner said they are ready to embrace and accommodate new initiatives and innovations by insurance brokers that will be tailor made for the oil and gas sector.

 Meanwhile the insurance operators said that the Nigerian oil and gas should redirect their focus in country to insure their assets instead of seeking for offshore brokers for insurance risks in the Nigerian oil and gas sector

The NAICOM boss also listed actions taken and initiatives adopted by the Commission for a successful implementation of the NOGICD Act. According to him, before the NOGICD ACT, the Insurance Act 2003 made far-reaching provisions for the domestication of insurance services in Nigeria.

The insurance regulator therefore called on oil and gas institutions in the country to ensure timely compliance with the requirements of the guidelines jointly issued by NAICOM and the Nigerian Content Development and Monitoring Board (NCDMB) under the requirements of Sections 49 and 50 of the Nigerian Oil and Gas Industry Content Development (NOGICD) Act 2010.

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