President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill 2025 into law, now known as the Nigerian Insurance Industry Reform Act (NIIRA) 2025, according to presidential spokesman Bayo Onanuga.
The new law consolidates and repeals outdated insurance legislation, creating a unified, modern framework for the regulation and supervision of insurance and reinsurance businesses in Nigeria.
Onanuga said the Act marks a major step in strengthening Nigeria’s financial sector and supporting the government’s ambition of building a 1 trillion economy.
“This ushers in a new era of transparency, innovation, and global competitiveness in the insurance industry,” he added.
