President Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a sweeping legislation to overhaul the insurance sector and drive Nigeria’s $1 trillion economy vision.
President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a significant milestone in the administration’s economic transformation agenda.
The legislation repeals and consolidates outdated laws into a single, modern framework regulating all insurance and reinsurance activities nationwide. It introduces stringent capital requirements, enforces compulsory insurance policies, mandates policyholder protection funds, and digitises market operations for greater transparency and access.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” said presidential spokesperson Bayo Onanuga.
The NIIRA 2025 is expected to boost investor confidence, protect consumers, and position Nigeria as a regional insurance hub. The National Insurance Commission (NAICOM) will implement the reforms and drive sector performance.
With Tinubu’s assent, the government aims to significantly increase insurance penetration, enhance industry competitiveness, and lay a strong foundation for its $1 trillion economy target.