ABUJA (PRECISE POST) – President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025, into law, ushering in a sweeping overhaul of the country’s insurance sector aimed at strengthening financial stability and accelerating economic growth.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates outdated insurance laws, creating a single, modern legal framework for regulating and supervising all insurance and reinsurance activities in Nigeria.
This was announced in a statement released on the verified X account of the Special Adviser to the President (Information & Strategy), Bayo Onanuga on Tuesday.
According to the Presidency, the Act is a key step toward achieving the administration’s $1 trillion economy target and reflects its commitment to financial system reform, inclusive growth, and investor confidence.
Under the Renewed Hope Agenda, the NIIRA 2025 introduces a range of reforms, including:
- Stricter capital requirements for operators to ensure financial resilience;
- Mandatory enforcement of compulsory insurance policies to protect consumers;
- Full digitisation of the insurance market to enhance access and efficiency;
- Stronger regulations against delays in claims settlement;
- Establishment of policyholder protection funds to cover insolvency risks;
- Increased integration into regional schemes like the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) has been tasked with implementing the Act and ensuring its provisions significantly boost insurance penetration across Nigeria.
The reforms are expected to attract new investments, drive innovation, and position Nigeria as a competitive insurance hub in Africa.
