In a bold move to transform Nigeria’s financial sector and advance the country's journey toward a $1 trillion economy, President Bola Ahmed Tinubu has officially signed the Nigerian Insurance Industry Reform Bill 2025 into law.
The newly enacted legislation — now titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025 — repeals and consolidates several outdated insurance laws into a unified, modern framework. The Act provides robust regulation and supervision for all insurance and reinsurance entities operating within Nigeria.
The signing of the NIIRA 2025 demonstrates the Tinubu administration’s unwavering commitment to financial sector stability, innovation, and inclusive economic growth under the Renewed Hope Agenda.
Key reforms introduced by the Act include:
1. Stricter capital requirements to enhance financial soundness;
2. Mandatory insurance policies to protect consumers;
3. Digitisation of the insurance sector for broader access and improved efficiency;
4. Swift claims settlement protocols to eliminate undue delays;
5. Establishment of policyholder protection funds, especially in insolvency cases;
6. Broader engagement in regional schemes, including the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) has been tasked with full implementation of the Act to unlock the sector’s potential and deepen insurance penetration nationwide.
This reform is expected to attract new investments, increase public trust in insurance services, and position Nigeria as a competitive insurance hub across the African continent.
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