Tinubu signs Insurance Reform, Act to Supercharge $1 Trillion Economy Vision

President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025, consolidating outdated insurance laws into a unified, modern legal framework, marking a key milestone in Nigeria’s ambition to build a $1 trillion economy.

The Act grants the National Insurance Commission (NAICOM) enhanced authority to regulate all insurance and reinsurance operators in Nigeria, with the aim of strengthening transparency, competitiveness, and regulatory enforcement.

NIIRA 2025 introduces stringent capital requirements to ensure financial soundness, mandates compulsory insurance policies for consumer protection, and enforces digitization across the insurance market to widen access and improve operational efficiency.

With zero tolerance for delayed claims, the Act mandates strict settlement timelines. It also institutes policyholder protection funds, especially for insolvency cases, to protect consumers and reinforce confidence in the sector.

NIIRA expands participation in regional schemes like the ECOWAS Brown Card System, aiming to position Nigeria as a regional insurance hub, attract fresh investment, and further drive insurance penetration.

In a statement, Bayo Onanuga, Special Adviser to the President on Information & Strategy, emphasized that this reform aligns with Tinubu’s Renewed Hope Agenda, signaling a commitment to financial stability, inclusive growth, and economic transformation.

Experts believe NIIRA 2025 will catalyze stronger consumer trust, unlock new capital, and expand insurance market penetration, key steps toward Nigeria’s broader economic diversification and growth strategy.

This comprehensive reform, through regulatory modernization, higher capital thresholds, insured access expansion, and digital platforms, is set to transform Nigeria’s insurance landscape. As stakeholders gear up for implementation, the NIIRA 2025 stands as a cornerstone in the pursuit of a $1 trillion economy.