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From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, a step aimed at strengthening Nigeria’s financial sector and advancing the nation’s goal of becoming a $1 trillion economy.
In a statement by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the new Nigerian Insurance Industry Reform Act (NIIRA) 2025, consolidates and modernises existing insurance laws into a comprehensive framework that regulates all insurance and reinsurance businesses in the country.
Key provisions include stricter capital requirements for financial stability, mandatory insurance policies to safeguard consumers, digitisation to improve market access, zero tolerance for delayed claims settlements, creation of policyholder protection funds and enhanced participation in regional insurance schemes, such as the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) will oversee the implementation of the Act to maximise industry potential, increase insurance penetration, attract investments and build consumer confidence.
The reform is also designed to enhance transparency, innovation and global competitiveness, positioning Nigeria as a leading insurance hub in Africa.
The assent underscored the administration’s commitment to financial stability, economic growth and inclusive development through this transformative legislation.
