President
Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill into law,
setting the stage for sweeping changes in the country’s insurance sector.
Zig Diaries
Business
Date: Tuesday, 5 August 2025
Time: 19:30 WAT
Location: 📍Abuja, Nigeria
The Nigerian Insurance Industry
Reform Act (NIIRA) 2025 replaces outdated laws with a modern, consolidated
framework aimed at boosting transparency, consumer confidence, and financial
sector growth.
According to
presidential spokesman Bayo Onanuga, the NIIRA 2025 is a key component of the
administration’s plan to grow Nigeria’s economy to $1 trillion.
The Act
introduces:
- Higher capital requirements for
operators
- Strict enforcement of
compulsory insurance
- Faster digital claims
processing
- Policyholder protection funds
- Participation in regional
schemes like the ECOWAS Brown Card
NAICOM has
been tasked with full implementation, with expectations that the reform will
attract investment and make Nigeria an insurance hub in Africa.
🏷️Tags: NIIRA2025, Tinubu, Insurance Reform, NAICOM
#InsuranceReform #TinubuEconomy #NIIRA2025 #NigeriaFinance #ZigDiariesBusiness
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