Tinubu Signs Nigerian Insurance Reform Bill into Law to Strengthen Financial Sector

P President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law — a significant move aimed at transforming Nigeria’s financial landscape and accelerating progress towards a $1 trillion economy.

According to a statement issued by Bayo Onanuga, Special Adviser to the President on Information and Strategy, “The Nigerian Insurance Industry Reform Act (NIIRA) 2025 repeals and consolidates several outdated insurance laws into a single, modern legal framework. The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.”

The legislation is part of the Tinubu administration’s broader commitment to financial stability, economic development, and inclusive growth.

NIIRA 2025 is expected to usher in a new era of transparency, innovation, and global competitiveness in the insurance sector, in line with the Federal Government’s Renewed Hope Agenda and long-term vision for a $1 trillion economy.

Some of the critical measures introduced in the new Act include:

1. Stringent capital requirements to enhance the financial soundness of insurance operators;

2. Mandatory insurance policies to strengthen consumer protection;

3. Digitisation of insurance services for better accessibility and operational efficiency;

4. Zero tolerance for claims settlement delays;

5. Creation of policyholder protection funds to safeguard consumers in cases of insolvency;


6. Broader regional engagement through participation in ECOWAS Brown Card insurance schemes.



The National Insurance Commission (NAICOM) is empowered to implement the NIIRA 2025, with a mandate to unlock the sector’s full potential and significantly improve insurance penetration nationwide.

“This development reaffirms the administration’s commitment to financial stability, economic development, and inclusive growth,” the statement concluded.

The reform is projected to attract new investments, boost public trust in the insurance system, and reposition Nigeria as a leading insurance hub in Africa.