President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, according to presidential spokesperson Bayo Onanuga.

Now officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the presidency said the new law is designed to strengthen Nigeria’s financial system and advance the country’s pursuit of a $1 trillion economy.

According to the statement, the Act repeals and harmonises several outdated insurance laws, replacing them with a unified and modern legal structure. Onanuga explained that the legislation establishes a robust framework for the regulation and oversight of all insurance and reinsurance operations within the country.

“The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy,” he added.

Presidential spokesman Bayo Onanuga said the newly signed Act introduces a range of reforms aimed at overhauling Nigeria’s insurance landscape. These include stricter capital requirements to guarantee the financial stability of insurance firms, mandatory insurance policies to strengthen consumer protection, and the full digitisation of the sector to improve accessibility and operational efficiency.

The law also sets a firm stance against delays in claims settlement, establishes dedicated protection funds for policyholders in the event of insolvency, and promotes broader participation in regional insurance initiatives such as the ECOWAS Brown Card Scheme.

According to Onanuga, the National Insurance Commission (NAICOM) has been tasked with enforcing and implementing the provisions of the NIIRA 2025 to unlock the full potential of the insurance sector and boost insurance coverage nationwide.

The presidency expressed confidence that the reforms will drive fresh investment, enhance consumer trust, and firmly position Nigeria as a leading insurance hub on the African continent.