LAGOS – The Nigerian Insurers Association (NIA) has said that the insurance industry reform bill signed into law last week has breathed a fresh life into the insurance ecosystem and the larger financial service landscape.
The umbrella body of licensed insurance and reinsurance companies which expressed its profound gratitude over the presidential assent to the Nigerian Insurance Industry Reform Act (NIIRA) 2025 describes the document as a pivotal legislation that sets the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.
“This Act, signed into law by President Bola Ahmed Tinubu, GCFR, represents a bold step toward strengthening the regulatory framework, enhancing public trust, improving market penetration, and modernizing operations within the industry.
It reflects the Federal Government’s commitment to deepening financial inclusion and ensuring that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.” It was stated.
The Association extends heartfelt gratitude to all stakeholders whose tireless efforts shaped the development and successful passage of the Act: the National Assembly, for their deliberations and legislative stewardship, the National Insurance Commission (NAICOM), for regulatory guidance and technical expertise, key government agencies, and of course, its esteemed member companies.
The body of insurers acknowledged the feedbacks and invaluable vision of its members and the civil society advocates, academia, and policy experts who contributed insight and integrity throughout the reform process saying: “Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible.”
“As a leading voice of the industry, the Nigerian Insurers Association pledges its full support toward the successful implementation of the NIIRA Act. We are dedicated to facilitating sector-wide understanding and adoption of the Act’s provisions, engaging our member companies and stakeholders through capacity-building, advocacy, and technical support, partnering with regulators to ensure seamless execution and compliance and promoting innovation and inclusion, in line with the goals of the legislation
This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development,” the statement personally signed by Mr Kunle Ahmed, NIA Chairman added.
