Tinubu Commended for Signing Landmark Insurance Reform Act

BY favour momodu
August 6, 2025
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The Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Adetokunbo Abiru, has praised President Bola Ahmed Tinubu for signing the Nigerian Insurance Industry Reform Bill, 2025, into law.

Now officially the Nigerian Insurance Industry Reform Act (NIIRA), 2025, the legislation marks a significant turning point for the country’s financial services sector.

In a statement issued Wednesday in Abuja, Senator Abiru described the new law as a “pivotal milestone” in Nigeria’s journey toward inclusive economic growth and global competitiveness.

Abiru, the lead sponsor of the bill, noted that the entire Senate Committee co-sponsored the legislation. He emphasized that the NIIRA is “one of the most comprehensive and far-reaching reforms in the history of Nigeria’s insurance industry.”

“The Act repeals and consolidates outdated statutes, replacing them with a unified legal framework designed to foster innovation, strengthen regulatory oversight, and protect policyholders across the country,” he said.

He added that the reform is a strategic step aligned with the Federal Government’s ambition to build a $1 trillion economy and reflects the collaborative success of Nigeria’s legislative and executive arms under the Renewed Hope Agenda.

“These are not just routine adjustments,” Abiru stated. “They are bold interventions aimed at unlocking the untapped potential of Nigeria’s insurance ecosystem to attract investment, create jobs, and deepen financial inclusion.”

The Senator extended gratitude to the Senate leadership, fellow lawmakers in both chambers of the National Assembly, the National Insurance Commission (NAICOM), and other key industry stakeholders for their support throughout the legislative process.

With the signing of the NIIRA into law, Nigeria’s insurance landscape is set for a transformation expected to boost investor confidence, enhance policyholder protection, and position the industry as a vital contributor to national economic growth.