Nigeria’s insurance industry is set to become a major driver of economic growth, according to the National Insurance Commission (NAICOM), which says recent reforms have transformed the sector into a pillar of national resilience.
Speaking in Lagos, Commissioner for Insurance Olusegun Omosehin described the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a landmark shift that redefines how the industry operates and contributes to development.
He noted that the reform strengthens regulation, enhances competitiveness, and positions insurance as a key source of long-term capital for national projects and infrastructure.
The announcement was made at an event marking the anniversary of Daily Economy and the launch of the book Trends in Nigeria’s Insurance Industry (2005–2025) by Nike Popoola, which chronicles two decades of sectoral transformation.
Industry leaders at the event highlighted how reforms since 2005 have improved capitalisation, innovation, and public confidence, while addressing historical challenges such as weak regulation and low penetration.
The NIIRA 2025 legislation replaces outdated laws with a modern framework that introduces risk-based capital requirements, strengthens governance, and supports digital innovation in insurance delivery.
Stakeholders, including brokers and reinsurers, stressed that collaboration across regulators, operators, and the media will be critical to expanding insurance coverage, particularly within Nigeria’s informal sector.
NAICOM maintains that with sustained reform implementation, the insurance industry is now positioned to play a central role in Nigeria’s long-term economic expansion.
