Things to know about Nigerian Insurance Industry reform signed by Tinubu
President Bola Ahmed Tinubu on Tuesday assented to the Nigerian Insurance Industry Reform Bill, 2025.
This was made known in a statement on Tuesday by a presidential spokesperson, Bayo Onanuga.
The NIIRA became a turning point for the country’s insurance sector.
The new act repeals and consolidates several outdated insurance laws of 2023.
According to Tinubu, the new act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria.
Importantly, Tinubu said the NIIRA is part of his efforts to achieve a $1 trillion economy.
The president thereby directed the National Insurance Commission (NAICOM) to administer and enforce the provisions of the NIIRA 2025 to unlock the industry’s full potential nationwide.
