Nigeria’s new marine insurance regime could ease the financial burden on importers by replacing traditional container deposit requirements with insurance-backed protection, but industry experts say the reform will only work if insurers develop the capacity to underwrite the risks.
The conclusions were met at the Nigeria Marine Insurance Forum 2026 Virtual Summit organised by Akabogu & Associates, following the enactment of the Nigeria Insurance Industry Reform Act 2025 (NIIRA 2025).
The traditional container deposit system requires importers to provide shipping lines with security against the loss or damage of containers, tying up funds that could otherwise be deployed in their businesses and often generating disputes over refunds and deductions.
Victor Onyegbado, partner at Akabogu & Associates, said the new framework provides an opportunity to address weaknesses in Nigeria’s container insurance regime, particularly as cargo increasingly moves through multiple modes of transport.
“Nigeria seems to be focused only on shipping risks, even though insurance cover is expanded to other modes of carriage,” he said.
