President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, according to presidential spokesperson Bayo Onanuga.
Now officially titled the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the presidency said the new law is designed to strengthen Nigeria’s financial system and advance the country’s pursuit of a $1 trillion economy.
According to the statement, the Act repeals and harmonises several outdated insurance laws, replacing them with a unified and modern legal structure. Onanuga explained that the legislation establishes a robust framework for the regulation and oversight of all insurance and reinsurance operations within the country.
“The NIIRA Act 2025 ushers in a new era of transparency, innovation, and global competitiveness for the insurance industry. It aligns with the Federal Government’s vision of achieving a $1 trillion economy,” he added.
