President Bola Ahmed Tinubu yesterday assented into law the Nigerian Insurance Industry Reform Bill, 2025, setting the stage for a reformed insurance landscape characterised by greater transparency, innovation, and global competitiveness.
The legislation aims to transform the financial sector and propel Nigeria closer to its $1 trillion economy ambition.
A statement issued by the Special Adviser to the President on Information and Strategy, BayoOnanuga, in Abuja, explained that the new legislation would catalyse a wave of reform-led growth in the financial services sector, positioning Nigeria as a regional insurance powerhouse and key destination for industry investment.
Specifically, the new law, now known as the Nigerian Insurance Industry Reform Act (NIIRA), 2025, repeals and consolidates multiple obsolete insurance laws into a single, forward-looking framework.
It introduces a regulatory and supervisory regime for insurance and reinsurance businesses operating in the country.
Onanuga noted that the enactment of the NIIRA 2025 underscores the Tinubu administration’s commitment to financial stability, economic growth, and inclusive development, in line with its broader Renewed Hope Agenda.
The law sets the stage for a reformed insurance landscape characterised by greater transparency, innovation, and global competitiveness.
It is also expected to deepen insurance penetration, attract fresh investments, and strengthen consumer confidence in the sector.
Among the key reforms introduced by the NIIRA 2025 are: stricter capital requirements to ensure the financial health and solvency of insurance operators; mandatory enforcement of key insurance policies to enhance consumer protection; digitisation of insurance processes to expand access and drive operational efficiency; a zero-tolerance stance on delayed claims settlement, reinforcing trust and accountability; establishment of policyholder protection funds, especially in the event of insolvency; and deeper integration into regional schemes, including the ECOWAS Brown Card system.
The National Insurance Commission (NAICOM) is empowered to implement the provisions of the Act and ensure full compliance across the industry.
It is expected to play a pivotal role in unlocking the sector’s untapped potential and fostering a more inclusive insurance culture nationwide.
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