…… Unlocking Path to $1 Trillion Economy
In a historic move that marks a turning point for Nigeria’s financial landscape, President Bola Ahmed Tinubu has signed the long-awaited Nigerian Insurance Industry Reform Bill into law—officially christened the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The presidential assent, confirmed Tuesday by spokesman Bayo Onanuga, ends years of regulatory stagnation and breathes fresh life into a critical sector long starved of reform.
The Ameh News recalls that the same bill had hit a dead end during the administration of former President Muhammadu Buhari, who, despite pressure from stakeholders, failed to sign it in the final year of his presidency. The disappointment then was palpable. Industry players feared Nigeria would continue lagging behind in global insurance competitiveness. Today, that story has changed.
“This is not just another piece of legislation,” said Onanuga. “This is a transformative framework that consolidates and modernizes decades of outdated insurance laws into one comprehensive Act.”
A Game-Changing Reform
The NIIRA 2025 is more than just a regulatory facelift—it’s a strategic tool aligned with President Tinubu’s ambitious plan to drive Nigeria toward a $1 trillion economy. It introduces bold reforms, including:
- Stringent capital requirements to guarantee the financial health of insurers
- Compulsory insurance enforcement to protect consumers and enhance trust
- Full digitisation of the insurance market for improved accessibility and efficiency
- Zero tolerance for claims settlement delays, giving more power to policyholders
- Creation of policyholder protection funds to safeguard interests in insolvency cases
- Boosted participation in regional schemes like the ECOWAS Brown Card System
The Act mandates the National Insurance Commission (NAICOM) to implement and enforce its provisions, with the presidency noting that this will unlock new investments, improve public confidence, and deepen penetration in an industry that has long underperformed.
Experts React
Abdul Adebayo, an insurance policy analyst, described the development as “a long-overdue breakthrough” that “restores faith in the government’s economic roadmap.”
“For years, Nigeria’s insurance sector was burdened by archaic laws that stifled innovation. This new Act sends a strong message to investors: we are ready to do business at global standards,” Adebayo said.
The Managing Director of a Lagos-based insurance firm, hailed the zero-tolerance stance on delayed claims as a “bold protection for consumers.”
“This will finally force insurers to sit up. It’s no longer business as usual,” added.
From Missed Opportunity to Milestone
The failed attempt under President Buhari is now history. With this decisive step, President Tinubu has not only broken a legislative jinx but also restored momentum to a vital sector positioned to contribute significantly to Nigeria’s financial transformation.
“The Nigerian Insurance Industry Reform Act 2025 ushers in a new era of transparency, innovation, and global competitiveness,” the presidency affirmed.
For an industry that has long struggled in the shadows, NIIRA 2025 may just be the light it needs to lead the way.
@2025 The Ameh News: All Rights Reserved
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