President Bola Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, marking a significant step toward modernising Nigeria’s insurance sector in support of the administration’s $1 trillion economy target.
The new law mandates digitisation of insurance operations, enforces compulsory insurance policies, and raises capital requirements for operators. It also empowers the National Insurance Commission (NAICOM) to enforce strict supervision, improve claims settlement timelines, and enhance consumer protection.
“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” said Bayo Onanuga, Special Adviser to the President on Information & Strategy.
The NIIRA introduces policyholder protection funds and enables Nigeria’s full participation in regional schemes such as the ECOWAS Brown Card.
According to analysts, the law could help attract investment, improve confidence, and deepen insurance penetration in Nigeria, which remains one of Africa’s most underinsured markets.
