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.
This is contained in a statement by presidential spokesperson Bayo Onanuga on Tuesday in Abuja.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repealed the outdated laws and unified them into one modern legal framework for insurance and reinsurance regulation.
Mr Onanuga said the new act provides comprehensive oversight for all insurance and reinsurance businesses operating within Nigeria.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.
“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.
As part of the Renewed Hope Agenda, the law introduced tougher capital requirements to ensure the financial soundness of insurance operators.
It also enforced mandatory insurance policies to strengthen consumer protection and drive market digitisation for greater access and efficiency.
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.
“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.
”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)