Tinubu signs Insurance Industry Reforms Bill into law ‎

President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into Law, marking a major step toward strengthening the financial sector and driving a one trillion  dollar  economy.‎‎

This is contained in a statement  by Presidential Spokesperson, Mr Bayo Onanuga on Tuesday in Abuja.‎‎The Nigerian Insurance Industry Reform Act (NIIRA) 2025,  repealed the outdated laws and unified them into one modern legal framework for insurance and reinsurance regulation.‎‎

Onanuga said the new act provided comprehensive oversight for all insurance and reinsurance businesses operating within Nigeria.‎‎“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.‎‎

“The NIIRA  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 one  trillion dollar economy.”‎‎As part of the Renewed Hope Agenda, the law introduced tougher capital requirements to ensure financial soundness of insurance operators.‎‎

It also enforced mandatory insurance policies to strengthen consumer protection and drive market digitisation for greater access and efficiency.‎‎The Act included provisions for zero tolerance on delayed claims, creation of policyholder protection funds, and deeper participation in regional schemes like the ECOWAS Brown Card.‎‎

“The National Insurance Commission is mandated to administer and implement provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.‎‎”

The reform is expected to unlock new investments, boost consumer trust, and position Nigeria as a top insurance hub in Africa.”