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The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has called on maritime stakeholders to champion the implementation of the new Container Insurance Law, describing it as a landmark reform that will eliminate the controversial container deposit fee and strengthen Nigeria’s business environment.
Speaking at a stakeholders’ engagement held at NACCIMA’s Secretariat in Lagos on Tuesday, the association’s National President and Chairman of the Organised Private Sector of Nigeria (OPSN), Engr. Jani Ibrahim OON, said the reform will boost trade efficiency and investor confidence across the maritime value chain.
He noted that the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed by President Bola Ahmed Tinubu, has outlawed the continuous collection of container deposits under Section 203.
“This marks a new era in container management. Insurance coverage will now serve as the safeguard against business risks while promoting transparency and attracting foreign investment,” Ibrahim said.
NACCIMA, which hosts the OPSN Secretariat, is collaborating with FRM Communications Limited to digitise insurance and export operations through the IMPEX System, designed to streamline regulation and enforcement across the maritime sector. The platform will integrate with key government systems such as the National Single Window, the Nigerian Ports Authority (NPA) Eto Call-Up platform, and the Nigeria Customs Service Ports Exit System.
According to Ibrahim, NACCIMA is also engaging the National Insurance Commission (NAICOM) on the standardisation of insurance processes and exploring a N20 billion Collective Insurance Bond to serve as collateral for all international traders and freight forwarders.
“This bond will replace the container deposit fee and provide security for shipping containers,” he explained.
Ibrahim stressed that the private sector must take ownership of the reform’s implementation, adding that negotiations have been concluded on standard premium rates for Cargo-in-Transit, Container Indemnity, and Public Liability Insurance, to ensure the law’s execution does not inflate business costs.
Stakeholder onboarding for the Container Insurance Law is expected to commence in January 2026 and Ibrahim affirmed NACCIMA’s commitment to ensuring a fair, transparent, and technology-driven insurance framework.
“Our goal is to make the cost of doing business more predictable, competitive, and compliant with global standards,” he posited.
The engagement was attended by freight forwarders from National Association of Government Approved Freight Forwarders (NAGAFF) led by its President, Chief Tochukwu Ezisi; Association of Nigeria Licensed Customs Agents (ANLCA), Association of Registered Freight Forwarders in Nigeria (AREFFN), National Council of Managing Directors of Licensed Customs Agents (NCMDLCA). Other participants from shipping lines like Cosco Shipping, Pacific International Line (PIL), as well as others represented by the Shipping Association Nigeria (SAN). Nigerian Shippers’ Council (NSC), several insurance companies and Nigerian Insurance Association (NIA) also graced the occasion.
A strategic Implementation Committee comprising representatives from OPSN member associations—MAN, NASME, NASSI, NECA—as well as freight forwarding bodies, regulators, and logistics operators. All stakeholders committed to the full implementation of the new law by January 1st, 2026.
