President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law, marking a major step toward strengthening the country’s financial sector. The announcement was made in a statement on Tuesday by the President’s Special Adviser on Information and Strategy, Bayo Onanuga.
The newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025 aims to boost investor confidence and support the nation’s ambition of becoming a $1 trillion economy. The legislation repeals outdated insurance laws and consolidates them into a modern legal framework.
The Act provides for the comprehensive regulation and supervision of all insurance and reinsurance operations in Nigeria, ensuring improved transparency, accountability, and sector efficiency.
