The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has ratified the launch of a N20 billion collective insurance bond, an industry-supported initiative set to replace the long-used container deposit system in the nation’s maritime sector.
The container deposit system has operated for decades, allowing shipping companies to charge importers or clearing agents a refundable fee when taking delivery of containers for unpacking and subsequent return. The charge is a performance guarantee to ensure the container is returned in good condition within an agreed timeline.
Under the new framework, a consortium of insurers will provide standardised coverage for container indemnity, cargo-in-transit and public liability exposures.
The latest structure introduces a fully insurance-driven approach to container and cargo risk management and is expected to streamline processes for international traders and freight forwarders.
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The NACCIMA President, Engr. Jani Ibrahim, who was represented at an engagement session with insurers last Wednesday by the Director-General of the association, Mr. Sola Obadimu, highlighted how crucial insurance to operational continuity across maritime, oil and gas, agriculture and export-driven industries.
The meeting, which flagged off a two-day parley dedicated on the first day to maritime operators, underscored the implications of Section 203 of the newly signed Nigerian Insurance Industry Reform Act 2025, which abolished the traditional container-deposit fee and replaced it with an insurance-based model for both laden and empty containers.
NACCIMA described the development as a transition into a new era of container-risk oversight with great potential to protect industry operators from uninsured losses and other risks.
To fast-track the implementation scheduled to commence in January 2026, the association proposed an Implementation Committee comprising private-sector groups such as manufacturers, SMEs and employers, regulators and maritime operators.
The NACCIMA President explained that the private sector would champion the rollout of the Container Insurance Law to ensure full elimination of deposit charges as mandated by legislation.
The association urged business operators to embrace the shift to an insurance model even as it hinted of its ongoing partnership with FRM Communications Limited to digitalize container profiling, map industry stakeholders and integrate the system into national trade-facilitation platforms.
Industry experts believe that the new risk coverage regime will help to reshape operational standards across the maritime value chain and strengthen accountability in container management.
