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This project examines the function of insurance in Nigeria’s petroleum industry. The drop in the average selling price of out, which began in 1981, is significantly associated with the recession in the global economy and the oil oversupply in the worldwide oil market. In order to avoid the current economic downturn. There is an immediate need to diversify the economy. The petrochemical, agricultural, and steel industries, in particular, might benefit from more significant expansion. As a result, the role of oil appears to be endless, as the economy would be meaningless without it. As a result, the growth of other industries is more or less reliant on the oil industry. The goal of this study is to look into the actions of the producing firms in Nigeria, as well as to review the many insurance policies that cover various risks, in order to determine the function of insurance in the industry. Examine if the insurance industry’s current protection is enough and make recommendations for necessary improvements. The study is broken down into five sections. The first chapter contains an introduction and a brief history of operations at oil and petrochemical businesses, as well as the scope of study and definitions of terms. Chapter two is devoted to the literature review as it relates to the study’s topic, while chapter three is devoted to research methodology, which is divided into data sources and methods.

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