The Nigerian Insurance Industry Reforms (NIIR) Bill 2025, which President Bola Tinubu has signed into law, is a significant step in bolstering the financial industry and propelling a $1 trillion economy. Presidential spokesperson Bayo Onanuga made this announcement in Abuja on Tuesday.
Under the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the antiquated rules governing insurance and reinsurance were abolished and combined into a single, contemporary legislative framework.
The new statute, according to Mr. Onanuga, offers thorough supervision for all insurance and reinsurance companies doing business in Nigeria. He said, “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 law established stricter capital requirements to guarantee the financial stability of insurance carriers as part of the Renewed Hope Agenda. In order to improve consumer protection and promote market digitization for increased accessibility and efficiency, it also imposed required insurance coverage.
The act called for the establishment of policyholder protection funds, zero tolerance for late claims, and increased involvement in regional programs like 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 presidential aide continued.
”The reform is expected to unlock new investments, boost consumer trust, and position Nigeria as a top insurance hub in Africa
