Sunday Thomas, Commissioner for Insurance, National Insurance Commission, NAICOM, has described as excellent, the achievements in domestication and domiciliation of Nigeria’s Local Content goals by Simbi Wabote, Executive Secretary, Nigeria Content Development Monitoring Board, NCDMB.

Thomas made the commendation on Thursday in Lagos at the 2023 Oriental News Summit with theme Building Local Content Synergy between the Oil and Gas and the insurance sectors in Nigeria.

The NAICOM boss explained that the reality is that so much have been achieved in the country’s local content drive from year 2000 to 2022; 42% local content growth and a 70% projection by 2027.

He attributed these achievements to the efforts of Wabote’s forthright leadership of the NCDMB.

“I will give it to them, so much have been achieved, especially with the coming of Simbi. So much has been achieved. They have touched every sector, they have continued to create new initiatives, make gain more into the net, and expand their scope in terms of the law. I happen to know this because I sit on their board,” he said.

Thomas also noted that enhancing Local Content, which speaks to long term plan of government born out of good intention and strategy to grow the Nigerian economy, develop her industries and build its local capacities, has been one of the top goals of the insurance industry.

“It is worthy to note that prior to the Nigerian oil and gas industry content development Act in 2010, the insurance Act 2003 made far reaching provisions for the domestication and domiciliation of insurance services in Nigeria.

“In particular, section 65, sub section 7 made it compulsory for any product located in Nigeria weather movable or immovable, to be insured with a Nigerian registered insurer.

“Section 67 required that the insurance of all import into Nigeria must be insured by insurer registered in Nigeria, and also, section 72 made it clear that you cannot take any class of insurance so classified out of this country without the approval of the National Insurance Commission. These are established in the extent law.

“The historic relationship between both industries could be traced to the birth of the latter, following the issuance of the NOGIC Act. The insurance industry in collaboration with the board brainstormed leading to the issuance of the guidelines for oil and gas insurance in business, which was issued in 2010. And this among others stipulates the roles of the nation’s institutions in ensuring compliance with local content laws with the primary consideration of ensuring actual exhaustion of available in-country insurance capacity,” he added.

The overall aim being the development of indigenous content through increased indigenous participation.