By Ayomide Otitoju
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, creating the Nigerian Insurance Industry Reform Act (NIIRA) 2025, presidential spokesman Bayo Onanuga announced on Tuesday.
The presidency said the legislation consolidates and repeals several outdated insurance laws, establishing a single, modern legal framework for comprehensive regulation and supervision of insurance and reinsurance operations in the country.
“This Act 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,” Onanuga said.
The law expands Nigeria’s participation in regional insurance initiatives, including the ECOWAS Brown Card Scheme, and mandates the National Insurance Commission (NAICOM) to implement its provisions to boost industry growth and improve insurance penetration nationwide.
The reforms are expected to attract fresh investment, strengthen consumer confidence, and position Nigeria as a leading insurance hub in Africa.
