The National Insurance Commission (NAICOM), has expressed its profound gratitude to His Excellency, President Bola Ahmed Tinubu GCFR, for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025), marking a significant milestone in the industry and underscores Tinubu administration’s commitment to the financial sector’s reform and economic growth.
NIIRA 2025 is a game-changer for the industry, providing a modernized framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector, unlock the potential and enables it to contribute more meaningfully to Nigeria’s economic development and achieve the $1 trillion dollar economy.
Naicom expresses appreciation to the visionary leadership and commitment of the National Assembly for the passage of NIIRA 2025 particularly the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru FCA, the sponsor of the Bill as well as all other stakeholders.
The regulatory body said it’s a testament to the dedication and commitment to the growth and development of the insurance industry commending the Coordinating Minister of the Economy and the Honourable Minister of Finance Mr. Wale Edun as well as the Minister of State for Finance Dr. Doris Uzoka-Anite
The new legislation marks a significant milestone in the country’s efforts to reinvigorate the insurance industry, over two decades after the enactment of the Insurance Act 2003. The Act marks a new era in the ongoing efforts to strengthen the Nigerian insurance industry, enabling it to compete favourably in the African insurance market and globally.