President Bola Tinubu has enacted a new law aimed at modernizing Nigeria’s insurance industry.
The legislation, known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, was signed into law on Tuesday.
This move is a key part of the administration’s plan to fortify the country’s financial landscape and help achieve a $1 trillion economy.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, confirmed that the NIIRA 2025 replaces several older, separate laws with a single, comprehensive legal framework.
According to Onanuga, the new Act will regulate all insurance and reinsurance businesses in Nigeria, promoting greater transparency and global competitiveness.
The law is designed to enhance financial stability and economic growth.
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It introduces stringent capital requirements to ensure companies are financially sound, mandates the enforcement of compulsory insurance policies for consumer protection, and promotes the digitization of the market to improve efficiency.
It also addresses crucial issues like delayed claims settlements, creates a fund to protect policyholders in case of insolvency, and expands Nigeria’s involvement in regional insurance programs such as the ECOWAS Brown Card System.
Onanuga noted that the National Insurance Commission (NAICOM) will be responsible for implementing the new law.
The goal is for the NIIRA 2025 to unlock the industry’s full potential, attract new investments, boost consumer confidence, and establish Nigeria as a premier insurance hub in Africa.
