Tinubu signs landmark bill to overhaul Nigeria’s insurance industry
Story by Susan Mbamah
President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into law, a significant move aimed at strengthening the financial sector and supporting the administration’s goal of a one trillion-dollar economy.
According to a statement released on Tuesday by presidential spokesperson Bayo Onanuga, the new law, now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals outdated legislation and consolidates it into a single, modern legal framework for regulating insurance and reinsurance businesses in Nigeria.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” Onanuga said. He added that 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 new law introduces stricter capital requirements to ensure the financial stability of insurance operators and enforces mandatory insurance policies to enhance consumer protection. It also promotes market digitization to improve access and efficiency.
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The Act includes provisions for “zero tolerance on delayed claims,” the creation of policyholder protection funds, and increased participation in regional schemes such as the ECOWAS Brown Card.
Onanuga noted that the National Insurance Commission is now mandated to implement the Act’s provisions in a way that “unlocks the industry’s full potential and significantly improves insurance penetration across the country.”
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The reform is expected to attract new investments, boost consumer trust, and position Nigeria as a leading insurance hub in Africa.
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