President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 , a landmark legislation 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The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.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.

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Bayo Onanuga, special adviser to the President on Information and Strategy said this development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.

“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.”

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;

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Digitisation of the insurance market to improve access and efficiency;

Zero tolerance for delays in claims settlement;

Creation of dedicated policyholder protection funds, especially in cases of insolvency;

Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.

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Ononuga said the 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.

Modestus Anaesoronye is a leading Nigerian financial journalist with over two decades of experience reporting on the insurance and pension sectors across Nigeria and West Africa. He has held key editorial positions at major national media outlets, including The Comet, The Nation, and Financial Standard, and currently serves as a Senior Financial Analyst at BusinessDay Media Ltd. A widely travelled reporter, he has covered industry developments in more than 14 countries across Africa and Asia. Anaesoronye is a multiple award-winning journalist, honoured several times as Insurance Journalist of the Year and Pension Journalist of the Year by recognised industry bodies, including PensionScope and the Pension Fund Operators Association of Nigeria (PenOp), among others.

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