Posts by Ejide Sodipo
De-risking Nigerian Maritime Trade: The Case for Local P&I Insurance
In the world of global shipping, insurance isn’t just paperwork; it is infrastructure. It determines who can trade, under what conditions, and at what cost. For Nigeria, a nation whose maritime trade is vital to its economy and whose oil and gas exports define its fiscal health, the lack of a local Protection and Indemnity (P&I) insurance solution has long meant paying the price, both literally and strategically, for relying on foreign systems to cover…
Read MoreHow Can Nigeria’s Blue Economy Ministry Help Build a $1 Trillion Economy?
In 2023, the Nigerian government established the Ministry of Marine and Blue Economy, a long-anticipated step toward harnessing the country’s vast maritime potential. For decades, fragmented oversight had left the sector underutilised despite Nigeria’s 850-kilometre coastline, six port complexes, and positioning along key global shipping corridors. The new ministry signals a shift from passive oversight to active strategy. No serious maritime nation leaves its waters unmanaged. For too long, Nigeria did. Today, Nigeria is aiming…
Read MoreThe Impact of Nigeria’s Local Content Act on P&I Insurance
In 1972, the Federal Government of Nigeria issued the Nigerian Enterprises Promotion Decree, more commonly known as the Indigenisation Decree. It marked a bold shift in national economic policy: a deliberate attempt to transfer ownership and control of businesses operating in Nigeria into Nigerian hands. For the first time, foreign participation in a wide range of commercial sectors was limited by law, and local equity thresholds were enforced. The policy had challenges, but it sent…
Read MoreCan Nigeria Stem Its $1.5 Billion Losses to Foreign Marine Insurers?
Nigeria has lost over $1.5 billion to foreign marine insurers in just three years. That’s not a projection. It is an official figure from a March 2025 statement by the Nigerian Maritime Administration and Safety Agency (NIMASA), pointing to the scale of outflows from shipping risks placed entirely abroad. Marine insurance covers a broad risk category, from hull and cargo to crew injury, pollution and wreck removal. Within this space, protection and indemnity (P&I) insurance…
Read MoreThe Ship of Nigeria’s Nascent Blue Economy Weighs its Anchor
The Depth of the unexplored is always a subject that piques the interest of mortal man. In Nigeria, the Blue Economy is as deep and vast as the ocean depths. And like the ocean, it is calm, untouched, unexplored, underutilised. It’s an economic ecosystem in itself that lies forlorn begging to be explored. However, the ship of progress has weighed its anchor and begun its maiden voyage into previously uncharted territory. Since the emergence of…
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