President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law, marking a significant milestone in the country’s financial sector transformation. The new law is part of the administration’s broader economic strategy to position Nigeria on the path toward becoming a $1 trillion economy.
In a statement on Tuesday, Bayo Onanuga, Special Adviser to the President on Information and Strategy, described the legislation as a “landmark reform”. Officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the new law repeals and consolidates several outdated insurance statutes into one modern and unified legal framework.
The NIIRA Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating in Nigeria. It introduces far-reaching reforms aimed at improving transparency, financial stability, innovation, and global competitiveness in the industry.
According to Onanuga, the law is a critical part of the Renewed Hope Agenda for the Insurance Sector. Key highlights of the Act include:
- Stringent capital requirements to ensure the financial soundness of operators
- Enforcement of compulsory insurance policies to enhance consumer protection
- A regulatory foundation to foster inclusive growth and investor confidence
The Presidency emphasized that this reform is in line with the Federal Government’s economic vision and commitment to building a sustainable and resilient financial ecosystem.
