President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law.
The bill aimed to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 introduced a new era of transparency, innovation, and global competitiveness for the insurance industry, aligning with the Federal Government’s vision of achieving a $1 trillion economy.
The presidency said the legislation would strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The presidency said the Act repealed and consolidated several outdated insurance laws into a single, modern legal framework.
“The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria,” Onanuga 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,” he added.
The presidential spokesman said the Act introduced measures such as: Stringent capital requirements to ensure the financial soundness of operators;Enforcement of compulsory insurance policies to enhance consumer protection.
The NIIRA 2025 is expected to
catalyze new investments, attracting fresh capital into the insurance sector.
The National Insurance Commission (NAICOM) has been mandated to administer and implement the provisions of the NIIRA 2025, with the goal of unlocking the industry’s full potential and significantly improving insurance penetration across the country.
