Posts by Ejide Sodipo
Sandboxed to Scalable: Nigeria’s Next Insurance Investment
NAICOM established an Insurance Regulatory Sandbox in May 2023. So far, it has drawn most attention as a testing ground for digital and inclusive insurance products. But its most consequential application may be one that has not happened yet: providing the controlled environment in which a domestic P&I club could be tested, de-risked, and brought to the point where it is investable. For anyone weighing where the next opportunity in Nigerian insurance lies, the pathway…
Read MoreThe P&I Mutual Problem: How the New Insurance Nigerian Law Created, and Solved, Its Own Conflict
Nigeria’s most significant insurance reform in a generation has, perhaps unintentionally, made the establishment of a domestic P&I club more difficult to achieve. That is not a criticism of the Nigerian Insurance Industry Reform Act (NIIRA), signed into law in August 2025. NIIRA 2025 is a genuine and long-overdue modernisation of a framework that had not kept pace with the sector it governs. However, embedded within the provisions of the NIIRA 2025 is a fundamental…
Read MoreThe Case for Establishing a Nigerian P&I Club
Nigeria’s recent election back into the Council of the International Maritime Organisation, after 14 years, marks more than a diplomatic milestone. After over a decade outside the world’s most influential maritime decision-making body, the Country has regained a formal voice in shaping global shipping standards, safety norms, and regulatory priorities. Yet, this renewed visibility also raises a more challenging question. Representation in maritime governance is one thing, control over the financial and legal architecture that…
Read MoreBuilding Successful P&I Insurance in Emerging Markets: Lessons from China and Korea
In global shipping, power is often measured in fleets, ports, and cargo volume. But the true determinant of maritime sovereignty lies elsewhere, in the quieter realm of insurance. A nation may move millions of tonnes of cargo, police its waters, and operate modern terminals, but still depend on foreign institutions to price its risk, settle its claims, and define its liabilities. That is the contradiction at the heart of most emerging maritime economies—physical control without…
Read MoreThe Future of P&I Insurance in Emerging Markets: The Viability of Regional Hubs Like Nigeria
A vessel may load crude in Port Harcourt, discharge containers in Mumbai, or bunker in Mombasa. Yet when a collision, oil spill, or injury claim arises, the decision on liability is often made in London. This is the quiet asymmetry of global shipping. Emerging markets now account for much of the world’s maritime activity, yet the financial and legal mechanisms that govern maritime risk remain concentrated in developed economies. Nigeria embodies this contradiction. It is…
Read MoreWhy Nigeria Needs to Become a Maritime Insurance Hub in West Africa
Nigeria is the maritime backbone of West Africa. Its coastline stretches over 850 kilometres and is home to strategically located ports including Apapa, Tin Can Island, Port Harcourt, Onne, Calabar, and Warri. Collectively, these ports handle the majority of regional maritime cargo traffic. In 2022, Nigeria’s ports handled a substantial number of vessel calls, with cargo throughput among the highest in West Africa. This is not an abstract volume; it represents concentrated economic activity dependent…
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