Abuja: President Bola Tinubu has signed the Nigerian Insurance Industry Reforms (NIIR) Bill 2025 into law, marking a major step toward strengthening the financial sector and driving a one trillion dollar economy.

According to News Agency of Nigeria, this significant development was announced in a statement by Presidential Spokesperson, Mr. Bayo Onanuga. The new legislation, known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, repeals outdated laws and consolidates them into a modern legal framework for insurance and reinsurance regulation.

Onanuga emphasized that the new act provides comprehensive oversight for all insurance and reinsurance businesses operating within Nigeria. He highlighted that this move reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth. The NIIRA 2025 is set to bring in a new era of transparency, innovation, and global competitiveness for the insurance industry, aligning with the Federal Government’s vision of achieving a one trillion dollar economy.

As part of the Renewed Hope Agenda, the law introduces tougher capital requirements to ensure the financial soundness of insurance operators. It also enforces mandatory insurance policies to strengthen consumer protection and drive market digitization for greater access and efficiency. Key provisions of the Act include zero tolerance on delayed claims, the creation of policyholder protection funds, and deeper participation in regional schemes like the ECOWAS Brown Card.

Furthermore, the National Insurance Commission is mandated to administer and implement the provisions of the NIIRA 2025 in a manner that unlocks the industry’s full potential and significantly improves insurance penetration across the country.