Tinubu Signs Insurance Reform Bill Into Law to Strengthen Financial Sector

President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, in a move the Presidency describes as a major step toward strengthening Nigeria’s financial sector and advancing the country’s journey toward a $1 trillion economy.

According to a statement issued by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, on Tuesday, the new law  officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025  repeals and consolidates several outdated insurance laws into a single, modern legal framework designed to regulate and supervise all insurance and reinsurance activities within the country.

The statement described the development as a key pillar of the administration’s Renewed Hope Agenda for the financial services industry, and a reaffirmation of President Tinubu’s commitment to financial stability, inclusive economic growth, and global competitiveness.

It said the NIIRA 2025 introduces wide-ranging reforms aimed at ensuring the financial soundness of operators, enhancing consumer protection, and improving overall confidence in the insurance sector. 

The law also provides for the digital transformation of the insurance market, strict enforcement of prompt claims settlement, and the creation of policyholder protection funds to safeguard consumers, especially in cases of insolvency.

Furthermore, the Act supports Nigeria’s broader regional integration goals by expanding participation in continental insurance frameworks such as the ECOWAS Brown Card System.

The statement added that the National Insurance Commission (NAICOM) has been mandated to implement the provisions of the Act and unlock the full potential of the industry.

With this reform, the Tinubu administration says it believes Nigeria is on track to become a leading insurance hub in Africa while boosting investor confidence and expanding access to insurance products for citizens across the country.