The Abuja Chamber of Commerce and Industry (ACCI) has commended His Excellency, President Bola Ahmed Tinubu, for signing into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing the development as a landmark achievement that will modernise the sector, boost investor confidence, and reposition the insurance industry as a critical enabler of Nigeria’s economic transformation.
Speaking on the Presidential assent, the President of ACCI, Chief Emeka Obegolu, SAN, PhD, lauded the Act as a strategic and long-overdue reform that brings Nigeria’s insurance regulatory framework in line with international best practices.
“This reform is a clear signal that Nigeria is committed to building a resilient, transparent, and investor-friendly insurance sector. The Nigerian Insurance Industry Reform Act 2025 introduces critical provisions that will not only strengthen regulatory compliance but also boost public trust in insurance products and services,” he said.
Chief Obegolu, SAN, PhD noted that the Act comes at a crucial time when businesses, especially Micro, Small and Medium Enterprises (MSMEs), need strong financial shock absorbers to navigate uncertainties in the operating environment. He called on businesses to integrate insurance as a key part of their risk management strategies.
“Insurance is not a luxury; it is a necessity for business continuity. We encourage entrepreneurs, manufacturers, and service providers to embrace insurance as a tool for safeguarding their operations and ensuring resilience in the face of unforeseen challenges,” he added.
The NIIRA 2025 introduces a host of far-reaching reforms, including:
• Enforcement of enhanced capital requirements to guarantee operator solvency;
• Mandatory compliance with compulsory insurance schemes to protect consumers;
• Digitisation of insurance services for improved access, transparency, and operational efficiency;
• Establishment of policyholder protection funds for consumer safety in cases of insolvency;
• Zero tolerance for delays in claims settlement;
• Expanded participation in regional insurance mechanisms such as the ECOWAS Brown Card Scheme.
According to Chief Obegolu, SAN, PhD, who also doubled as the leader of the Organised Private Sector (OPS) in the Federal Capital Territory and its environs, the Act aligns with President Tinubu’s economic vision of achieving a $1 trillion economy by creating an enabling environment for investment and innovation within the insurance sector.
“The NIIRA 2025 will catalyse the growth of Nigeria’s insurance sector, deepen penetration, and attract foreign direct investment. It offers businesses a reliable safety net and signals Nigeria’s readiness to become a continental insurance hub,” he stated.
He further assured that ACCI will continue to work closely with stakeholders across the insurance ecosystem, including the National Insurance Commission (NAICOM), to promote awareness of the Act’s provisions and enhance insurance literacy across Nigeria’s business community.
“This is a transformative moment for the Nigerian insurance industry, and ACCI stands ready to support implementation, advocacy, and stakeholder engagement to ensure the full realisation of the Act’s benefits,” he concluded.
