PRESIDENT Bola Tinubu has assented to the Nigerian Insurance Industry Reform Bill 2025, presidential spokesman Bayo Onanuga said on Tuesday.
Now, the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the presidency said the legislation would strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The presidency said the Act repealed and consolidated several outdated insurance laws into a single, modern legal framework.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,” Onanuga said.
“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,” he added.
The presidential spokesman said the Act introduced measures such as:
Stringent capital requirements to ensure the financial soundness of operators;
Enforcement of compulsory insurance policies to enhance consumer protection;
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; and
Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.
Onanuga said the National Insurance Commission (NAICOM) has been mandated to administer and implement the provisions of the NIIRA 2025 to unlock the industry’s full potential and significantly improve 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, the presidency stated.