President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, marking what the Presidency calls a significant milestone in strengthening Nigeria’s financial sector and moving closer to its $1 trillion economic target
In a statement issued on Tuesday by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, the newly enacted law—officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025—repeals and consolidates several outdated insurance laws into a single, modern framework. The legislation is designed to regulate and supervise all insurance and reinsurance activities across the country.
Described as a key pillar of the Tinubu administration’s Renewed Hope Agenda for the financial services sector, the law reaffirms the President’s commitment to financial stability, inclusive growth, and global competitiveness.
The NIIRA 2025 introduces sweeping reforms aimed at bolstering the financial soundness of insurance operators, enhancing consumer protection, and restoring public confidence in the sector. Key provisions include digital transformation of the insurance market, stricter enforcement of prompt claims settlement, and the establishment of policyholder protection funds to safeguard consumers—particularly in cases of insolvency.
Additionally, the law aligns with Nigeria’s regional integration efforts by expanding participation in continental insurance initiatives such as the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) has been tasked with implementing the provisions of the Act to unlock the full potential of the sector.
With this landmark reform, the Tinubu administration says it is confident that Nigeria is on course to becoming a leading insurance hub in Africa, while boosting investor confidence and increasing access to insurance products for citizens nationwide.
Follow Us on Facebook – @LadunLiadi; Instagram – @LadunLiadi; Twitter – @LadunLiadi; Youtube – @LadunLiadiTV for updates
Okay