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The 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…
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…
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