Abuja: The Abuja Chamber of Commerce and Industry (ACCI) has commended President Bola Tinubu for signing the 2025 Nigerian Insurance Industry Reform Act (NIIRA) into law. The chamber described it as a major milestone for the nation’s insurance sector.

According to News Agency of Nigeria, speaking at a stakeholders’ meeting in Abuja, ACCI President, Chief Emeka Obegolu, stated that the Act would modernise the industry, boost investor confidence, and position insurance as a critical enabler of Nigeria’s economic transformation. Obegolu emphasized that this reform signals Nigeria’s commitment to strengthening the insurance sector by making it resilient, transparent, and investor-friendly.

Obegolu highlighted that the Act introduces key provisions aimed at strengthening regulatory compliance and restoring public trust in insurance products. He pointed out its significance for Micro, Small, and Medium Enterprises (MSMEs) by providing financial protection amid economic uncertainties. He urged business owners to incorporate insurance into their risk management strategies, underscoring that ‘insurance is not a luxury, but a necessity for business continuity.’

He further explained that the NIIRA 2025 introduces several critical reforms, such as enhanced capital requirements to ensure operator solvency and mandatory adherence to compulsory insurance schemes to safeguard consumers. ‘The Act also promotes the digitisation of insurance services for better access, transparency, and efficiency,’ he added.

The legislation aligns with President Tinubu’s vision of building a $1 trillion economy by creating an investment-friendly insurance landscape. Obegolu expressed confidence that NIIRA 2025 will deepen insurance penetration, attract foreign investment, and position Nigeria as a continental insurance hub.

Obegolu assured that the ACCI would continue collaborating with stakeholders, including the National Insurance Commission (NAICOM), to promote awareness and enhance insurance literacy across the business community. He affirmed, ‘This is a transformative moment for Nigeria’s insurance industry. ACCI stands ready to support implementation, advocacy, and stakeholder engagement to fully realise the Act’s benefits.’