President Bola Ahmed Tinubu has assented to the Nigerian Insurance Industry Reform Bill, 2025.
The Presidency said the bill is a landmark legislation to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
Bayo Onanuga, Special Adviser to the President on Information and Strategy in a statement said, “the Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework.”
He said the new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
According to him, this development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth.
“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.
“As part of the Renewed Hope Agenda for the Insurance Sector, the Act introduces critical measures such as, stringent capital requirements to ensure the financial soundness of operators and Enforcement of compulsory insurance policies to enhance consumer protection.”
