President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, marking a major step toward revitalizing Nigeria’s financial sector and advancing the administration’s goal of building a $1 trillion economy.

 

The announcement was made on Tuesday by Bayo Onanuga, Special Adviser to the President on Information and Strategy. According to Onanuga, the new law repeals and consolidates several outdated insurance statutes into a single, modern legal framework,now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

 

“This landmark legislation strengthens Nigeria’s financial sector and reinforces the government’s commitment to financial stability, inclusive growth, and economic development,” the statement read.

 

Key provisions of the NIIRA 2025 include:

 

Stricter capital requirements to ensure operators’ financial stability

 

Mandatory insurance policies to enhance consumer protection

 

Digitization of the insurance market for improved access and efficiency

 

Strict timelines for claims settlement with zero tolerance for delays

 

Policyholder protection funds, especially for cases of insolvency

 

Expansion into regional insurance schemes, including the ECOWAS Brown Card System

 

 

The National Insurance Commission (NAICOM) will oversee implementation of the Act, ensuring it drives innovation, transparency, and global competitiveness in Nigeria’s insurance industry.

 

The reform is expected to attract fresh investments, improve insurance penetration, increase consumer confidence, and position Nigeria as a leading insurance hub on the African continent.