The Abuja Chamber of Commerce and Industry (ACCI) has lauded President Bola Tinubu for signing the 2025 Nigerian Insurance Industry Reform Act (NIIRA) into law, calling it a transformative step for the nation’s insurance landscape.
Describing the legislation as a “major milestone”, ACCI President Chief Emeka Obegolu highlighted its potential to modernize the industry, attract investors, and strengthen Nigeria’s economic resilience.
Speaking during a stakeholders’ meeting held Thursday in Abuja, Obegolu said,
“This reform signals Nigeria’s commitment to building a resilient, transparent, and investor-friendly insurance sector.”
He emphasized that the Act introduces key provisions aimed at restoring public trust, improving regulatory compliance, and increasing access to insurance — particularly for Micro, Small, and Medium Enterprises (MSMEs). Obegolu urged entrepreneurs to view insurance not as a luxury, but as a vital tool for risk management and business continuity.
According to him, NIIRA 2025 brings forward critical reforms including:
- Higher capital requirements to strengthen insurer solvency
- Mandatory participation in key insurance schemes to better protect consumers
- Digitization of insurance services to improve access, transparency, and efficiency
Obegolu also tied the reform to President Tinubu’s broader economic ambitions.
“This legislation supports the President’s vision of building a $1 trillion economy by creating a modern, investment-friendly insurance ecosystem.”
He projected that NIIRA 2025 would deepen insurance penetration, attract foreign investment, and position Nigeria as a leading insurance hub in Africa.
To support the implementation of the new law, Obegolu said the ACCI would work closely with regulators, particularly the National Insurance Commission (NAICOM), to raise awareness and boost insurance literacy within the business community.
“We remain committed to collaborating with all stakeholders to ensure that the benefits of this reform are fully realized,” he concluded.
