President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Bill, 2025, a landmark legislation aimed at strengthening Nigeria’s financial sector and fast-tracking the nation’s ambition to build a $1 trillion economy.
This was conveyed in a statement signed by Bayo Onanuga, Special Adviser to the President on Information and Strategy. The statement noted that the reforms are expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates multiple outdated insurance laws into a single modern legal framework. It introduces robust regulation and oversight of all insurance and reinsurance businesses operating in the country.
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The Act reflects the Tinubu administration’s commitment to financial stability, inclusive growth, and sustainable economic development under its Renewed Hope Agenda.
Some of the key highlights of the new law include stricter capital requirements for operators, mandatory enforcement of compulsory insurance policies, digitisation of the insurance market, and zero tolerance for delays in claims settlement. It also provides for the creation of policyholder protection funds in cases of insolvency and expands Nigeria’s participation in regional insurance schemes such as the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) has been mandated to implement the provisions of the Act in a way that unlocks the sector’s full potential and significantly improves insurance coverage across the country.
