As Nigeria’s economy navigates through the first half of 2025, stakeholders in the insurance sector say their topmost priority is securing presidential assent to the long-anticipated Insurance Reform Bill.
According to industry operators, the sector began the year with renewed optimism, largely driven by the passage of the bill by the Senate in December 2024. The hope was that the momentum and urgency seen in President Bola Tinubu’s handling of key economic legislation would extend to the insurance sector.
Speaking to THISDAY, stakeholders expressed mixed feelings about the sector’s performance over the past six months. While challenges persist, there is a strong consensus that the Insurance Reform Bill, once signed into law, will position the industry as a key player in Nigeria’s financial services ecosystem.
Chairman of the Nigeria Insurers Association (NIA), Mr. Kundera Ahmed, said:
“The insurance industry in the last five months witnessed some growth.”
He added that although progress has been made, full-scale transformation hinges on the implementation of the reform bill.
The bill, if signed into law, is expected to address long-standing regulatory bottlenecks, promote investor confidence, expand industry penetration, and modernize the legal framework guiding insurance practices in Nigeria.
Industry experts argue that without prompt presidential assent, the sector risks losing momentum and missing out on opportunities for broader economic impact.
