An insurance consultant, Dr Babatunde Raimi, has urged Nigerians and industry stakeholders to take responsibility in ensuring the successful implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. 

Mr Raimi made the call during an interview on Friday in Lagos. 

He commended President Bola Tinubu, the National Assembly, and the National Insurance Commission (NAICOM) for driving the landmark reform which was signed into law on August 5. 

Mr Raimi said that insurance firms must comply fully with the law, invest in digital infrastructure, and prioritise timely service and solvency. 

The insurance consultant urged NAICOM to provide clear regulatory guidance and ensure fair enforcement. 

He also urged the civil society to monitor implementation, educate citizens on their rights and promote transparency. 

He appealed to Nigerians to embrace insurance as a vital financial buffer and hold operators accountable to the promises of NIIRA 2025.

He stated, “Together, we can turn NIIRA from a legal instrument into a living framework that fuels economic resilience, innovation and trust.  In unity, we can realise the vision of a thriving insurance ecosystem, fuelling Nigeria’s march toward a robust and inclusive financial future. The NIIRA 2025 is a landmark achievement that will chart a new path for Nigeria’s insurance industry, anchored on stability, innovation, inclusiveness, and regional integration. 

“But its success depends on active collaboration from all corners of the society. I advise government, regulators, industry stakeholders and citizens, to work together in building an insurance ecosystem that delivers, protects and prospers for all.’’ 

According to Mr Raimi, the Act represents a turning point for the industry, but its true value will only be realised through collaboration among government, regulators, operators and the public. 

The NIIRA 2025 made provision for stringent capital requirements, compulsory insurance enforcement, digitisation of insurance operations and strict claims settlement timelines.

Other provisions are policy protection fund, broader regional insurance integration and regulation of online insurance businesses.

(NAN)