President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Bill 2025, a legislation aimed at overhauling the insurance sector and boosting Nigeria’s target of attaining a $1 trillion economy.
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and merges several outdated insurance laws into a single framework, providing for comprehensive regulation of insurance and reinsurance operations in the country.
The presidency said the move reflects Tinubu’s commitment to financial stability, economic growth and inclusive development.
Under the new law, the insurance sector is expected to witness greater transparency, innovation and competitiveness in line with the Renewed Hope Agenda.
Key provisions of the Act include higher capital requirements for operators, enforcement of compulsory insurance policies, digitisation of the market, faster claims settlement, creation of policyholder protection funds, and Nigeria’s expanded role in regional schemes such as the ECOWAS Brown Card System.
The National Insurance Commission (NAICOM) will oversee the implementation of the law to boost insurance penetration and attract fresh investment into the industry.
The presidency expressed optimism that the reforms would restore public confidence, deepen market participation and position Nigeria as a key insurance hub in Africa.