President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025.
This is described as a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The Special Adviser to the President on Information and Strategy, Bayo Onanuga, announced the bill signing by Tinubu via a statement on Tuesday, August 5, 2025.
Onanuga stated that the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework, adding that the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
Onanuga said the development reaffirms the Tinubu administration’s commitment to financial stability, economic development, and inclusive growth.
He stated: “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.
2027: Aiyedatiwa unveils campaign platform for Tinubu in Ondo
“As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as stringent capital requirements to ensure the financial soundness of operators; enforcement of compulsory insurance policies to enhance consumer protection; and digitisation of the insurance market to improve access and efficiency;
Others include zero tolerance for delays in claims settlement; creation of dedicated policyholder protection funds, especially in cases of insolvency; and expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
According to Onanuga, the National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.
The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.
President Bola Tinubu has approved the renewal of the appointment of Professor Ayo Omotayo as…
The Economic and Financial Crimes Commission (EFCC) has arraigned a businesswoman, Titilayo Eboh, before the…
The Group Managing Director of Zenith Bank Plc, Dr Adaora Umeoji, has urged women to…
The Federal Government has approved N9.99bn for the procurement of antiretroviral (ARV) medicines for people…
The Federal Government has intensified efforts to sanitise Nigeria’s fast-growing renewable energy sector as the…
The Lagos State Government has released the 2026 Land Use Charge (LUC) bills, reaffirming its…
This website uses cookies.