Given the high-risk nature of petroleum exploration, production, transportation, and retail activities, insurance is a vital tool for managing liability, protecting assets, and ensuring operational continuity in the petroleum sector.
Recently, the Nigerian Insurance Industry Reform Act, 2025 (NIIRA) was enacted, repealing the Insurance Act 2003 (Repealed Act) and establishing a comprehensive regulatory framework for Nigeria’s insurance industry. While its scope covers all insurance businesses, there are several provisions that directly impact the Nigerian oil and gas industry value chain.
In this Newsletter, we highlight the provisions of the NIIRA relevant to the oil and gas industry, their practical effects, and implications for stakeholders.
