Thursday, 7 August 2025

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Tinubu Signs Landmark Insurance Reform Bill to Propel $1 Trillion Economy Vision.

by KakakiOodua Media Services in National, News

President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, a move aimed at strengthening the country’s financial sector and supporting the federal government’s drive toward achieving a $1 trillion economy.

Announcing the development on Tuesday, presidential spokesman Bayo Onanuga said the new legislation—now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025—repeals and consolidates several outdated insurance laws into a single, modern framework.

“This new Act provides a comprehensive system for regulating and supervising all insurance and reinsurance operations in Nigeria,” Onanuga stated, adding that it marks the beginning of a new phase for the industry—defined by transparency, innovation, and global competitiveness.

Key provisions of the NIIRA 2025 include: *Stricter capital requirements for operators to ensure financial stability; Mandatory enforcement of compulsory insurance to improve consumer protection; Full digitisation of the insurance market to enhance access and operational efficiency; Strict timelines for claims settlement to protect policyholders; Establishment of dedicated protection funds for consumers in cases of insolvency; Greater involvement in regional insurance programmes like the ECOWAS Brown Card System.

The National Insurance Commission (NAICOM) has been tasked with overseeing the implementation of the new law to maximise its impact on insurance penetration and sector growth. According to the presidency, the reforms are expected to attract fresh investments, build public trust, and position Nigeria as a key insurance hub on the continent.

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