NAICOM Launches NIIRA 2025 Working Groups to Drive Insurance Reforms

From left: Mr. Ekerete Ola Gam-Ikon – Dep. Commissioner for Insurance Finance & Admin, Adetola Adegbayi, Mr. Shola Tinubu, Mr. Olusegun Ayo Omosehin- CFI, Dr. Yeside Oyetayo and Mr. Ajibola Bankole – Director Inspectorate

The National Insurance Commission (NAICOM) has launched the Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, marking a major milestone in its drive to modernize and strengthen Nigeria’s insurance sector.

At a strategic meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups that will oversee the implementation of NIIRA 2025 across the insurance value chain.

The NIIRA 2025, signed into law earlier this year, provides a comprehensive roadmap for regulatory reforms, financial inclusion, digital transformation, and compulsory insurance enforcement. It aims to align Nigeria’s insurance industry with global standards while improving public trust, economic resilience, and risk protection.

A Blueprint for a Stronger Insurance Industry

Speaking during the inauguration, Mr. Omosehin reaffirmed NAICOM’s commitment to building an inclusive, data-driven, and results-oriented insurance ecosystem.

“This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria,” he said.

He explained that the new working groups will serve as the “engines of reform,” ensuring that policy objectives are transformed into measurable outcomes that boost public confidence and support national economic growth.

Core Implementation Working Groups

1. Compulsory Insurance Working Group

Chairman: Mr. Shola Tinubu
This group is tasked with strengthening enforcement and adoption of all compulsory insurance schemes, including Motor (Third Party), Builders Liability, Group Life, Professional Indemnity, and Public Buildings insurance.

Goal: To enhance nationwide compliance, improve public understanding, and ensure policyholder protection through collaborations with enforcement agencies.
Expected Outcome: A structured framework for enforcement, monitoring, and public sensitization campaigns to deepen awareness.

2. Digitization Working Group

Chairperson: Mrs. Adetola Adegbayi
Mandated to modernize Nigeria’s insurance regulatory framework using technology, this group will focus on improving transparency, operational efficiency, and data integrity.

Objectives:

• Enhance claims processing, licensing, and renewals through automation.
• Expand accessibility to insurance products via digital and mobile platforms.
• Implement the digital transformation provisions in Sections 19–20 and 128 of NIIRA 2025.

Expected Outcome: A more agile, transparent, and customer-centric insurance market powered by digital innovation.

3. Financial Inclusion Working Group

Chairperson: Dr. Yeside Oyetayo
This group is focused on expanding insurance penetration among underserved and low-income populations.

Focus Areas:

• Expanding microinsurance and takaful outreach.
• Partnering with the Central Bank of Nigeria (CBN), fintechs, and development agencies.
• Implementing inclusive policies to ensure equitable access to insurance protection.

Expected Outcome: Greater participation from the informal sector, supporting Nigeria’s financial inclusion goals and boosting household economic security.

Collaboration for Industry-Wide Impact

Mr. Omosehin commended stakeholders for their support and urged collective responsibility in executing the NIIRA 2025 vision.

“This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he said.

NAICOM’s senior management emphasized that the Commission will maintain transparent communication, publish regular progress reports, and engage operators to ensure accountability and measurable success.

Toward a Technology-Driven and Inclusive Future

The launch of the NIIRA 2025 Implementation Working Groups underscores NAICOM’s leadership in championing a transparent, innovative, and inclusive insurance industry. The Commission’s approach signals a new era where policy, technology, and inclusion converge to strengthen Nigeria’s economic resilience.

The event concluded with renewed optimism as stakeholders pledged their commitment to repositioning the insurance sector for sustainable growth and public trust.

NAICOM launches NIIRA 2025 Implementation Working Groups to accelerate insurance sector reforms, digital innovation, and financial inclusion, reinforcing Nigeria’s push for a stronger, technology-driven insurance industry.