NAICOM building
Emmanuel Akinmola
The National Insurance Commission (NAICOM) has lauded President Bola Ahmed Tinubu for signing the Nigerian Insurance Reform Act 2025 into law, describing the move as a pivotal moment for the nation’s financial services sector. The Commission also pledged its unwavering commitment to ensure the effective implementation of the Act across the country.
In a statement issued by the Commission on Wednesday, NAICOM expressed appreciation to the President for his leadership and vision in driving long-overdue reforms in the insurance industry. According to the Commission, the new legislation marks a historic step toward enhancing public trust, strengthening regulatory frameworks, and expanding insurance penetration among Nigerians.
“The passage and presidential assent to the Insurance Reform Act 2025 is a significant milestone in Nigeria’s economic reform agenda. It demonstrates the government’s resolve to reposition the insurance sector as a major contributor to national development,” the statement read.
The new Act is expected to overhaul outdated provisions in previous insurance laws, streamline regulatory oversight, promote technological innovation, and create a more inclusive insurance ecosystem. It also aligns Nigeria’s insurance regulatory framework with global best practices, improving investor confidence and protecting policyholders’ rights.
NAICOM stated that with the legal backing now in place, it would immediately roll out an implementation roadmap in collaboration with industry stakeholders. It pledged to uphold transparency, fairness, and regulatory excellence in executing the provisions of the new law.
“We are fully prepared to lead the charge in ensuring that the transformative objectives of the Act are fully realized. NAICOM will engage all operators, consumers, and relevant stakeholders in a participatory implementation process to ensure a smooth transition,” the Commission affirmed.
Analysts believe the Act will help address longstanding challenges in the sector, including low insurance literacy, weak enforcement mechanisms, and limited access to products, especially for underserved populations.
With the reform now law, industry observers say the insurance landscape in Nigeria is poised for greater innovation, capital inflow, and improved consumer protection.
