President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, a move the presidency says will strengthen Nigeria’s financial sector and accelerate the country’s drive toward a $1 trillion economy.
The legislation, now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and consolidates several outdated insurance laws into a single modern legal framework. Presidential spokesman Bayo Onanuga announced the development on Tuesday.
According to Onanuga, the new law aims to usher in an era of transparency, innovation, and global competitiveness for the country’s insurance industry. “It aligns with the Federal Government’s vision of achieving a $1 trillion economy,” he said.
Key provisions of the Act include:
- Stringent capital requirements to ensure the financial stability of insurance operators
- Enforcement of compulsory insurance policies to protect consumers
- Digitisation of the insurance market for greater accessibility and operational efficiency
- Zero tolerance for delays in claims settlement
- Creation of policyholder protection funds, especially in cases of insolvency
- Expanded regional participation, including in the ECOWAS Brown Card System
The presidency added that the National Insurance Commission (NAICOM) has been tasked with implementing and enforcing the NIIRA 2025.
The new law is expected to attract fresh investments, boost consumer confidence, and position Nigeria as a major insurance hub on the continent.
