The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has rallied key players in the maritime and insurance sectors to support the implementation of the new Container Insurance Law, describing it as a transformative reform that will end the contentious container deposit regime and strengthen Nigeria’s business environment.
Speaking during a stakeholders’ engagement at NACCIMA’s Secretariat in Lagos on Tuesday, the association’s National President and Chairman of the Organised Private Sector of Nigeria (OPSN), Engr. Jani Ibrahim, said the law would boost trade efficiency, transparency, and investor confidence across the maritime value chain.
According to Ibrahim, the Nigerian Insurance Industry Reform Act (NIIRA) 2025, recently signed into law by President Bola Ahmed Tinubu, has outlawed the collection of container deposits under Section 203—a move he described as the beginning of a new era in container management.
“Insurance coverage will now serve as the safeguard against business risks while promoting transparency and attracting foreign investment,” he said.
He disclosed that NACCIMA, which hosts the OPSN Secretariat, is partnering with FRM Communications Limited to digitise insurance and export operations through the IMPEX System—a digital platform designed to streamline regulatory and enforcement processes across the maritime sector. The system, he noted, would be integrated with existing government platforms such as the National Single Window, Nigerian Ports Authority (NPA) Eto Call-Up System, and the Nigeria Customs Service Ports Exit System.
As part of efforts to enhance implementation, NACCIMA is in talks with the National Insurance Commission (NAICOM) to standardise insurance processes and introduce a ₦20 billion Collective Insurance Bond to serve as collateral for international traders and freight forwarders. “This bond will replace the container deposit fee and provide security for shipping containers,” Ibrahim explained.
Ibrahim added that the private sector must take ownership of the reform’s rollout, assuring that agreed premium rates for Cargo-in-Transit, Container Indemnity, and Public Liability Insurance have been negotiated to prevent any rise in business costs.
The onboarding of stakeholders for the Container Insurance Law is scheduled to begin in January 2026, with NACCIMA pledging to ensure a fair, transparent, and technology-driven insurance framework. “Our goal is to make the cost of doing business more predictable, competitive, and compliant with global standards,” Ibrahim emphasised.
The high-level engagement attracted major industry stakeholders, including representatives of the National Association of Government Approved Freight Forwarders (NAGAFF) led by its President, Chief Tochukwu Ezisi; Association of Nigerian Licensed Customs Agents (ANLCA); Association of Registered Freight Forwarders of Nigeria (AREFFN); and the National Council of Managing Directors of Licensed Customs Agents (NCMDLCA).
Also in attendance were officials of shipping lines such as Cosco Shipping, Pacific International Line (PIL), and others represented by the Shipping Association of Nigeria (SAN); as well as the Nigerian Shippers’ Council (NSC), insurance companies, and the Nigerian Insurers Association (NIA).
A Strategic Implementation Committee has been inaugurated, comprising representatives from OPSN member associations—MAN, NASME, NASSI, and NECA—alongside freight forwarding groups, regulators, and logistics operators.
All stakeholders resolved to work towards the full implementation of the Container Insurance Law by January 1, 2026, marking a decisive step toward reforming Nigeria’s maritime logistics and trade ecosystem.
