In a major step toward reforming Nigeria’s financial services landscape, President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law. Now officially titled the Nigerian Insurance Industry Reform Act (NIIRA), 2025, the legislation is poised to transform the insurance industry and bolster the country’s financial system.
The bill’s lead sponsor, Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance, and Other Financial Institutions, hailed the presidential assent as a milestone achievement. Speaking on Wednesday, Senator Abiru commended President Tinubu for his commitment to economic reform and strengthening regulatory institutions.
Abiru described the enactment of NIIRA 2025 as a pivotal moment in Nigeria’s journey to reposition its financial services sector for inclusive growth, innovation, and global competitiveness. He emphasized that the Act represents one of the most comprehensive and transformative legal frameworks in the history of Nigeria’s insurance industry.
“The NIIRA 2025 lays the foundation for a modern, well-regulated insurance sector that inspires trust, attracts investment, and supports broader economic development,” Abiru said. He credited the tireless efforts of his committee and the collaborative input from lawmakers and stakeholders for the bill’s successful passage.
The Act introduces wide-ranging reforms aimed at enhancing industry stability, increasing insurance penetration, strengthening regulatory oversight, and protecting the interests of policyholders. It is expected to open up new growth opportunities in the insurance space and play a vital role in expanding Nigeria’s financial services sector.
Sponsored by Senator Abiru and co-sponsored by members of the Senate Committee on Banking, Insurance and Other Financial Institutions, the NIIRA 2025 signals a new era for the country’s insurance ecosystem.
With its enactment, Nigeria now has a modernized legal framework capable of driving innovation and competitiveness in line with global standards, with far-reaching implications for economic growth and financial inclusion.
