President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 \u2014 a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.<\/p>\n
The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.<\/p>\n
This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.<\/p>\n
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.<\/p>\n
As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as:<\/p>\n
1. Stringent capital requirements to ensure the financial soundness of operators;<\/p>\n
2. Enforcement of compulsory insurance policies to enhance consumer protection;<\/p>\n
3. Digitisation of the insurance market to improve access and efficiency;<\/p>\n
4. Zero tolerance for delays in claims settlement;<\/p>\n
5. Creation of dedicated policyholder protection funds, especially in cases of insolvency;<\/p>\n
6. Expanded participation in regional insurance schemes, including the ECOWAS Brown Card System.<\/p>\n
The National Insurance Commission (NAICOM) is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.<\/p>\n
The reform introduced by the new law is expected to catalyse new investments, boost consumer confidence, and position Nigeria as a leading insurance hub in Africa.<\/p>\n
Bayo Onanuga
\nSpecial Adviser to the President
\n(Information & Strategy)
\nAugust 5, 2025<\/p>\n","protected":false},"excerpt":{"rendered":"
President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025 \u2014 a landmark legislation to strengthen<\/p>\n","protected":false},"author":1,"featured_media":15759,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-16153","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/16153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/comments?post=16153"}],"version-history":[{"count":1,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/16153\/revisions"}],"predecessor-version":[{"id":16154,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/posts\/16153\/revisions\/16154"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media\/15759"}],"wp:attachment":[{"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/media?parent=16153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/categories?post=16153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thenewsnow.org\/index.php\/wp-json\/wp\/v2\/tags?post=16153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}