President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into law, marking a major step toward strengthening the financial sector and driving a $1 trillion economy.
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‎This is contained in a statement by presidential spokesperson Bayo Onanuga on Tuesday in Abuja.
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‎The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repealed the outdated laws and unified them into one modern legal framework for insurance and reinsurance regulation.
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Mr Onanuga said the new act provides comprehensive oversight for all insurance and reinsurance businesses operating within Nigeria.
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‎“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.
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‎“The NIIRA 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 one trillion-dollar economy,” the presidential aide stated.
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As part of the Renewed Hope Agenda, the law introduced tougher capital requirements to ensure the financial soundness of insurance operators.
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It also enforced mandatory insurance policies to strengthen consumer protection and drive market digitisation for greater access and efficiency.
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The act included provisions for zero tolerance on delayed claims, the creation of policyholder protection funds, and deeper participation in regional schemes, such as the ECOWAS Brown Card.
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‎“The National Insurance Commission is mandated to administer and implement provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.
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‎”The reform is expected to unlock new investments, boost consumer trust, and position Nigeria as a top insurance hub in Africa,” Mr Onanuga added.

(NAN)