Tinubu ushers in new era with Insurance reform act

Barbara Bako, Abuja.

President Bola Ahmed Tinubu has signed the Nigeria Insurance Industry Reform Act 2025 (NIIRA 2025) into law, marking a significant policy shift aimed at overhauling the country’s insurance landscape.

The National Insurance Commission (NAICOM) described the development as a landmark moment in Nigeria’s financial sector reform agenda.

The Act replaces the Insurance Act of 2003 and is expected to drive increased insurance penetration, attract investment, and enhance protection for policyholders.

In a statement released on Tuesday, NAICOM said the new law would unlock the sector’s full potential and position it to contribute more meaningfully to national economic goals, including the target of a $1 trillion economy.

“NIIRA 2025 is a game-changer. It provides a modern framework that will strengthen regulation, improve confidence in the industry, and spur economic development,” the Commission said.

NAICOM praised the National Assembly for its commitment to the reform, specifically commending Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, who sponsored the bill.

Also recognised was Hon. Ahmed Usman Jaha, Chair of the House Committee on Insurance and Actuarial Matters.

Read also:Marketers oppose NMDPRA’s decommissioning rule

The Commission also expressed gratitude to the Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, the Minister of State for Finance, Dr. Doris Uzoka-Anite, and various stakeholders across the insurance ecosystem for their contributions during consultations and legislative review processes.

“This reform is a collective achievement. It marks the beginning of a new era for the Nigerian insurance industry, which is now better equipped to compete regionally and globally,” the statement said.

According to NAICOM, the Act prioritises innovation, enhances regulatory oversight, and promotes consumer protection, while also boosting the industry’s ability to contribute to Nigeria’s gross domestic product.

With the legislation now in place, the Commission pledged to ensure smooth and effective implementation of its provisions, promising to drive growth, stability, and excellence across the sector.