- Tinubu Approves Nigerian Insurance Industry Reform Act, 2025
- The new legislation repeals and merges several outdated insurance laws
- NAICOM been granted the authority to enforce the Act and oversee full industry compliance
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, marking a major step toward transforming the financial sector and advancing Nigeria’s ambition to become a one trillion dollar economy.
The new legislation, now called the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and merges several outdated insurance laws into a modern and unified legal framework.
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It establishes a clear regulatory and supervisory structure for both insurance and reinsurance businesses in the country.
The passage of NIIRA 2025 reflects the Tinubu administration’s dedication to ensuring financial stability, driving economic growth, and promoting inclusive development in line with its Renewed Hope Agenda.
This law lays the foundation for a restructured insurance industry that embraces transparency, innovation, and global competitiveness.
It is also designed to increase insurance coverage across Nigeria, attract new investment, and restore public trust in the sector.
Key reforms introduced by NIIRA 2025 include:
Higher capital requirements to ensure the financial strength and stability of insurance providers
Mandatory implementation of key insurance policies to protect consumers
Digital transformation of insurance operations to improve access and efficiency
Strict enforcement against delayed claims to boost accountability
Creation of policyholder protection funds to safeguard customers in cases of company failure
Greater integration into regional insurance schemes such as the ECOWAS Brown Card system
The National Insurance Commission (NAICOM) has been granted the authority to enforce the Act and oversee full industry compliance. It is expected to lead efforts to unlock new opportunities within the insurance sector and encourage broader participation.
In a statement released on Tuesday by Bayo Onanuga, Special Adviser on Information and Strategy, the Presidency described the law as a catalyst for reform-driven growth in the financial services space.
It is expected to position Nigeria as a leading insurance hub in West Africa and a top destination for global industry investors.
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