President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law.
The new law, titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and consolidates several outdated insurance regulations into a unified legal framework designed to overhaul the country’s insurance landscape.
The announcement was made in a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, who described the legislation as a “landmark reform” that will strengthen financial stability, encourage investor confidence, and promote inclusive economic growth.
According to the statement, the NIIRA 2025 introduces a wide range of reforms to improve transparency, accountability, and efficiency in Nigeria’s insurance industry.
The National Insurance Commission (NAICOM) has been charged with implementing and enforcing the new provisions.
The Commission is expected to drive the digitisation process, increase insurance penetration, and unlock investment opportunities within the sector.
“This reform ushers in a new era of innovation and global competitiveness for the Nigerian insurance industry. It reflects the Federal Government’s commitment to financial sector revitalisation and aligns with the Renewed Hope Agenda to build a stronger, more inclusive economy.” The statement said.
