Tinubu signs NIIRA 2025, unveils new era for insurance industry
By Kunle Sanni –
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law, marking a significant step toward modernizing the country’s financial sector and driving Nigeria closer to its $1 trillion economic ambition.
The new law, officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals and consolidates decades-old insurance regulations into a unified, modern legal framework. It aims to enhance regulatory oversight, improve consumer protection, and stimulate innovation and investment in the insurance sector.
The NIIRA 2025 introduces sweeping reforms, including stricter capital requirements for insurance operators, mandatory insurance policies to boost coverage, and the digitisation of insurance services to increase access and efficiency.
The law also mandates prompt claims settlement, creates policyholder protection funds, and strengthens Nigeria’s participation in regional insurance schemes such as the ECOWAS Brown Card System.
“This legislation reaffirms the Tinubu administration’s commitment to financial stability, economic growth, and inclusive development,” said Bayo Onanuga, Special Adviser to the President on Information and Strategy.
Under the new Act, the National Insurance Commission (NAICOM) is tasked with implementing the reforms and unlocking the industry’s full potential.
With insurance penetration in Nigeria still relatively low, the government expects the NIIRA to spur greater investor confidence and position Nigeria as a key insurance hub in Africa.
