President Bola Tinubu has signed the Nigerian insurance industry reform bill 2025 into law.
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Tinubu assented to the bill on Tuesday to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
In a statement on Tuesday, Bayo Onanuga, special adviser on information and strategy to Tinubu, said the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.
Onanuga explained that the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” he said.
“The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy.”
Onanuga said the Act is a part of the renewed hope agenda for the insurance sector, introducing critical measures such as stringent capital requirements to ensure the financial soundness of operators.
He said the initiative will also ensure enforcement of compulsory insurance policies to enhance consumer protection, and digitisation of the insurance market to improve access and efficiency.
The spokesperson further said the new Act will ensure zero tolerance for delayed claims settlement, creation of dedicated policyholder protection funds in insolvency cases, and expanded participation in regional insurance schemes like the ECOWAS Brown Card System.
“The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country,” Onanuga added.
He noted that the National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.
Onanuga added that the reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.
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