President Bola Ahmed Tinubu signs the Nigerian Insurance Industry Reform Act (NIIRA) 2025
President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a landmark legislation aimed at modernising the country’s insurance sector and strengthening financial inclusion.
The Act enhances regulatory oversight, builds public trust, improves market penetration, and aligns with the government’s goal of a $1 trillion economy by 2030.
The Nigerian Insurers Association (NIA) welcomed the signing, praising the collaborative efforts of the National Assembly, the National Insurance Commission (NAICOM), member companies, academia, and civil society in shaping the law. The Association described the Act as pivotal for creating a resilient, customer-focused insurance ecosystem.
NIA pledged full support for implementing the NIIRA Act, committing to capacity-building, advocacy, and technical assistance for member companies. The Association also aims to work closely with regulators to ensure compliance and to foster innovation and inclusion across the industry.
Beyond a legislative achievement, the Act represents a strategic step toward strengthening Nigeria’s financial services landscape.
NIA affirmed its readiness to champion a modernised, robust insurance sector that contributes meaningfully to national development while safeguarding consumer interests.
