The Organised Private Sector (OPS), represented by the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), has welcomed the launch of a N20 billion collective insurance bond aimed at replacing the longstanding container deposit system in Nigeria’s maritime trade.

The scheme, backed by a consortium of insurers, is designed to protect international traders and freight forwarders, introducing an insurance-driven framework for container and cargo risk management. Standard premiums have been set for container indemnity, cargo-in-transit, and public liability coverage.

Speaking at an engagement with insurance stakeholders in Lagos, NACCIMA President Engr. Jani Ibrahim, represented by the group’s Director General Sola Obadimu, stressed the critical role of insurance in enabling business across sectors, from maritime and oil & gas to agriculture and exports.

The two-day event, held at NACCIMA’s secretariat, focused on maritime stakeholders on the first day. It highlighted Section 203 of the newly assented Nigerian Insurance Industry Reform Act (NIIRA) 2025, which abolishes the traditional container-deposit fee and introduces an insurance-based mechanism for both laden and empty containers. NACCIMA described the reform as ushering in “a new era” for container risk management.

To drive implementation, NACCIMA proposed the establishment of an Implementation Committee comprising private-sector trade groups, regulators, and maritime stakeholders. Onboarding is scheduled to begin January 2026.

Obadimu stated:

“The private sector will take the lead in implementing the Container Insurance Law in the maritime sector, toward the complete elimination of the deposit fee, as stipulated in law.”

Business owners were encouraged to support the transition to an insurance model, with NACCIMA partnering with FRM Communications Limited to digitize container profiling, map stakeholders, and integrate the system into national trade facilitation platforms.

The scheme, already approved by the Nigerian Ports Authority and the Federal Ministry of Marine and Blue Economy, will use the IMPEX compliance platform to link container insurance to national export certificates and single-window systems.

FRM Communications Managing Director Femi Banjo urged maritime and insurance stakeholders to embrace the new process and actively contribute to its successful rollout.