kakalistiq.com reports that Nigeria’s insurance landscape has entered a new era with the signing of the Nigerian Insurance Industry Reform Bill, 2025, into law by President Bola Ahmed Tinubu, now officially known as the Nigerian Insurance Industry Reform Act (NIIRA), 2025.
In a statement filled with gratitude and optimism, the bill’s lead sponsor and Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions expressed heartfelt appreciation to the President. “I want to sincerely thank the President of the Federal Republic of Nigeria, His Excellency Asiwaju Bola Ahmed Tinubu, GCFR, for graciously assenting to the Nigerian Insurance Industry Reform Bill, 2025, now signed into law as the Nigerian Insurance Industry Reform Act (NIIRA), 2025.”
The senator described the legislation as a bold leap forward. “As the lead sponsor of this landmark legislation and Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, I am proud to be part of this bold step towards transforming Nigeria’s financial services sector.”
The new Act sweeps away outdated insurance laws, merging them into a single, modern framework. “The Act repeals and consolidates outdated laws into a unified framework, raises capital requirements to strengthen insurers, and introduces strict timelines for claims processing, restoring trust and accountability in the system. It also provides for dedicated protection funds for policyholders, digitizes insurance operations for greater transparency and accessibility, and empowers the National Insurance Commission (NAICOM) with stronger supervisory powers. Additionally, the law strengthens the enforcement of compulsory insurance and expands Nigeria’s participation in regional schemes like the ECOWAS Brown Card.”
Beyond its regulatory upgrades, the senator sees the NIIRA as part of Nigeria’s larger economic journey. “The NIIRA is more than reform, it’s a strategic move aligned with the Federal Government’s vision of a $1 trillion economy, delivering renewed hope to Nigerians by promoting investment, job creation, and financial inclusion.”
Acknowledging the teamwork that shaped the law, he added: “I commend my colleagues in both chambers of the National Assembly, the leadership of NAICOM, and every stakeholder who contributed to the success of this journey. As we now move into the implementation phase, I am confident that we will witness significant progress in deepening insurance penetration and strengthening public trust.”
The lawmaker closed with a forward-looking vision: “Together, we are laying the foundation for a safer, more resilient, and prosperous Nigeria.”
With the NIIRA now in place, industry watchers say the reform could be the turning point that finally pushes Nigeria’s insurance sector into global relevance.
