President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, marking a major milestone in efforts to modernize and strengthen the country’s financial sector. The new law, now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, was announced by presidential spokesman Bayo Onanuga on Tuesday.
The NIIRA replaces outdated insurance laws with a single, comprehensive framework aimed at increasing transparency, encouraging innovation, and making Nigeria’s insurance industry more globally competitive.
Key highlights of the reform include:
Stricter capital requirements for insurance operators
Mandatory insurance policies to enhance consumer protection
Digitization of operations for greater efficiency
Zero tolerance for claims delays
Policyholder protection funds to safeguard consumers
Greater regional integration, especially through the ECOWAS Brown Card System
The National Insurance Commission (NAICOM) will oversee the implementation of the new law, which is expected to drive investment, build consumer trust, and help position Nigeria as a leading insurance hub in Africa.
