Nigerian Insurers Association applauds Presidential assent to landmark Insurance Reform Act
Nigerian Insurers Association NIA
The Nigerian Insurers Association (NIA) warmly welcomes the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a landmark legislation poised to transform the insurance sector and the broader financial services industry in Nigeria.
Signed into law by President Bola Ahmed Tinubu, GCFR, the NIIRA 2025 marks a significant milestone in strengthening the regulatory framework, enhancing public trust, increasing market penetration, and modernizing industry operations. This legislation reflects the Federal Government’s firm commitment to deepening financial inclusion and positioning insurance as a vital pillar in Nigeria’s economic architecture, aligned with the President’s vision to achieve a $1 trillion economy by 2030.
Mr. Kunle Ahmed, Chairman of the Nigerian Insurers Association, said,
“The signing of the NIIRA 2025 is a watershed moment for the Nigerian insurance industry. It underscores our collective commitment to building a stronger, more transparent, and innovative insurance sector that will not only enhance consumer confidence but also drive economic growth and inclusion. NIA is fully committed to working with all stakeholders to ensure the successful implementation of this transformative law.”
The NIA expresses profound gratitude to all stakeholders who contributed tirelessly to the development and successful passage of this Act. These include the National Assembly for their diligent legislative stewardship, the National Insurance Commission (NAICOM) for their regulatory guidance and technical expertise, government agencies, our member companies whose insights were invaluable, and civil society organizations, academia, and policy experts who provided crucial support and integrity throughout the reform process. The collaboration and dedication of these groups have been instrumental in realizing this achievement.
As the leading voice of the Nigerian insurance industry, the NIA pledges its unwavering support for the effective implementation of the NIIRA 2025. We commit to facilitating comprehensive sector-wide understanding and adoption of the Act’s provisions through capacity building, advocacy, and technical assistance. Furthermore, we will actively partner with regulators to ensure seamless execution, compliance, and to promote innovation and financial inclusion in accordance with the goals of the legislation.
This legislative victory marks not just progress on paper but a shared mission to build a more resilient, customer-centric insurance sector that significantly contributes to Nigeria’s national development.
