President Bola Tinubu has assented to the Nigerian Insurance Industry Reform Bill 2025,
This was revealed by the presidential spokesman Bayo Onanuga today.
Now, the Nigerian Insurance Industry Reform Act (NIIRA) 2025, the presidency said the legislation would strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
The presidency said the Act repealed and consolidated several outdated insurance laws into a single, modern legal framework. “The new Act provides for comprehensive regulation and supervision of all insurance and reinsurance businesses operating within Nigeria,” Onanuga said.
“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.