In a significant step toward bolstering Nigeria’s financial sector and its vision for a $1 trillion economy, President Bola Tinubu has signed the Nigerian Insurance Industry Reform Act (NIIRA) 2025 into law.
The new legislation, which was announced by presidential spokesman Bayo Onanuga, repeals and consolidates outdated insurance laws into a single, modern framework.
According to Onanuga, the NIIRA 2025 will create a comprehensive system for regulating and supervising all insurance and reinsurance operations in the country. The reforms are designed to usher in a new era for the industry, characterized by transparency, innovation, and global competitiveness