The Chairperson of the Chartered Institute of Directors (CIoD) Nigeria, Abuja Chapter, Mrs. Rose N. Eshiett, has urged stakeholders in the Nigerian insurance industry to strengthen corporate governance, embrace innovation, and build strategic partnerships to unlock the vast opportunities emerging from Nigeria’s energy sector.
Mrs. Eshiett made the call while delivering the keynote address at the investiture of the newly elected Chairman of the Nigerian Insurers Association (NIA), Mrs. Ebelechukwu B. Nwachukwu.
Speaking on the theme, “Moving Insurance from Potential to Performance: Leveraging Governance, Innovation and Strategic Partnerships to Unlock Opportunities in Nigeria’s Energy Economy,” she said the insurance industry must move beyond acknowledging its enormous potential and focus on delivering measurable results that support national development.
“For many years, we have spoken about the enormous potential of the Nigerian insurance industry. But potential alone does not create value. Potential does not build trust. Potential does not guarantee growth. Performance does,” she said.
According to her, governance remains the bedrock upon which successful insurance institutions are built, stressing that public trust, ethical leadership, transparency, accountability, and effective risk oversight are indispensable to the sector’s sustainable growth.
She identified Nigeria’s energy sector as one of the biggest opportunities for the insurance industry, citing increasing investments in oil and gas, gas infrastructure, refining, petrochemicals, and renewable energy projects as areas requiring sophisticated insurance solutions.
She called for sustained investment in underwriting expertise, actuarial science, risk engineering, cybersecurity, data analytics, and talent development, describing investment in people as one of the most critical drivers of institutional success.
Speaking on technology, Mrs. Eshiett observed that artificial intelligence, predictive analytics, big data, digital platforms, and cybersecurity are reshaping the global insurance landscape. “The winners of tomorrow will not necessarily be the biggest institutions. They will be the most agile, the most innovative, and the most trusted,” she stated.
She also stressed the need for stronger collaboration among insurers, regulators, oil and gas operators, brokers, financiers, reinsurers, and professional bodies to improve innovation, strengthen local capacity, retain more insurance premiums within Nigeria, and boost public confidence in the industry.
Congratulating the newly inaugurated NIA Chairman and Governing Council, she expressed confidence that their leadership would reposition the industry for greater competitiveness and sustainable growth, urging insurers to translate ambition into action and support Nigeria’s economic transformation.