President Bola Ahmed Tinubu has officially signed the Nigerian Insurance Industry Reform Bill, 2025 into law — a significant legislative milestone aimed at strengthening Nigeria’s financial sector and propelling the country toward its goal of becoming a $1 trillion economy.
The newly enacted Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws, establishing a modern and unified legal framework for the regulation and supervision of all insurance and reinsurance operations in the country. The Act marks a bold step in the administration’s drive for financial stability, inclusive growth, and economic transformation.
The NIIRA 2025 introduces a new era of transparency, innovation, and global competitiveness in Nigeria’s insurance industry. It aligns closely with the Federal Government’s broader economic agenda, particularly the vision of building a $1 trillion economy and fostering a sustainable financial services sector.
Tinubu’s Insurance Reform Agenda: Key Measures to Strengthen Industry Confidence and Expand Market Access
As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces a range of critical policy measures, including:
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“Stringent capital requirements to ensure the financial soundness of operators”
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“Enforcement of compulsory insurance policies to enhance consumer protection”
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“Digitisation of the insurance market to improve access and efficiency”
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“Zero tolerance for delays in claims settlement”
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“Creation of dedicated policyholder protection funds, especially in cases of insolvency”
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“Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.”
The National Insurance Commission (NAICOM) has been tasked with administering and implementing the provisions of the NIIRA 2025. It is expected to unlock the full potential of Nigeria’s insurance industry and significantly enhance insurance penetration nationwide.
The reform is anticipated to attract new investments, increase consumer trust, and establish Nigeria as a leading insurance hub across Africa.
Stay informed on Nigeria’s evolving financial landscape and what the NIIRA 2025 means for businesses, consumers, and investors. For expert analysis, sector insights, and policy breakdowns, visit LouisaOlaniyi.com.ng today.
