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Nigeria’s private-sector apex body, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has thrown its weight behind the recent container-insurance law as a vital reform to deepen risk-mitigation, attract investment and stabilise the maritime-trade environment.
Speaking at an engagement with insurance stakeholders on Wednesday in Lagos, NACCIMA’s President, Engr. Jani Ibrahim OON, represented by the group’s Director General, Sola Obadimu, emphasised the critical role of insurance in enabling business operations from maritime and oil & gas to agriculture and exports.
The 2-day event, which dedicated the first day to maritime stakeholders, held at NACCIMA’s secretariat, spotlighted how Section 203 of the newly-assented Nigerian Insurance Industry Reform Act (NIIRA) 2025 outlaws the traditional container-deposit fee and ushers in an insurance-based mechanism for both laden and empty shipping containers. The reform signals “a new era” in container-risk management, NACCIMA said.
Business-owners were urged to support the shift to an insurance-model, with NACCIMA detailing its partnership with consulting firm FRM Communications Limited to digitise container profiling, map stakeholders and integrate into national trade-facilitation systems. The scheme, already approved by the Nigerian Ports Authority and the Federal Ministry of Marine and Blue Economy, will deploy the IMPEX compliance platform to link container insurance to the national export-certificate and single-window systems.
Also highlighted was the establishment of a collective insurance bond of ₦20 billion, to be provided by a consortium of insurers on behalf of international traders and freight-forwarders, replacing deposit-based assurance. Insurers, brokers and freight-forwarder associations have already agreed standard policy premiums for the three key coverages: container indemnity, cargo-in-transit and public liability.
To drive implementation, NACCIMA proposed setting up an Implementation Committee representing private-sector trade groups (including manufacturers, SMEs, employers), regulators and all maritime stakeholders. On-boarding is slated to begin January 2026.
Addressing attendees, Obadimu said: “The private sector will take the lead in implementing the Container Insurance Law in the maritime sector, towards the complete elimination of the deposit fee, as stipulated in law.”
NACCIMA further pledged ongoing enforcement collaborations with the National Insurance Commission, the National Single Window Secretariat, the Nigerian Customs Service and other agencies.
Also speaking, the Managing Director of FRM Communications, Mr. Femi Banjo, encouraged maritime and insurance stakeholders to embrace the process and contribute meaningfully to its smooth implementation.
Noting the menace of expired containers plaguing Nigerian ports and trade system, the FRM boss encouraged the committee to begin discussions on tackling the menace via insurance.
On his part, the Director General of Dangerous Goods Academy, Dr. Alban Igwe, observed that the carriage of dangerous goods have been exempted from container insurance coverage.
Igwe, however, expressed optimism that the new container insurance framework would provide a more seamless process with cost efficiency in the port sector.
