Tinubu signs Landmark Nigerian insurance industry reforms act 2025 into law.

President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law, aiming to strengthen the financial sector and move Nigeria closer to a $1 trillion economy. This landmark legislation introduces several key reforms ¹:
- *Stringent Capital Requirements*: Ensures the financial stability of insurance operators, boosting the resilience and reliability of Nigeria's insurance sector.
- *Compulsory Insurance Enforcement*: Enhances consumer protection by making insurance policies mandatory.
- *Digitization*: Improves access, transparency, and operational efficiency in the insurance market.
- *Zero Tolerance for Delays*: Ensures timely settlement of claims.
- *Policyholder Protection Funds*: Creates dedicated funds to protect policyholders in cases of insolvency.
- *Expanded Regional Participation*: Includes participation in regional insurance schemes like the ECOWAS Brown Card System.

The NIIRA 2025 empowers the National Insurance Commission (NAICOM) to regulate and supervise the insurance industry, promoting transparency, innovation, and global competitiveness. Industry experts believe this reform will attract significant local and foreign investment, raise consumer trust, and position Nigeria as a regional insurance hub in sub-Saharan Africa.

The Abuja Chamber of Commerce and Industry (ACCI) has commended President Tinubu for signing the bill, stating it will ¹ ²:
- *Deepen Insurance Penetration*: Increase insurance coverage among Nigerians.
- *Attract Foreign Investment*: Make Nigeria a more attractive destination for foreign investors.
- *Position Nigeria as a Continental Insurance Hub*: Establish Nigeria as a leader in the insurance industry in Africa.