By Onilede Titi Faith
The National Insurance Commission (NAICOM) says the newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025 will strengthen the sector’s role in driving economic growth.
In a statement on Tuesday, NAICOM said the law, recently signed by President Bola Tinubu, would enhance the sector’s contribution to the country’s GDP and improve regulatory oversight for insurers and reinsurers.
Presidential aide Bayo Onanuga confirmed the signing, noting that the Act aims to improve supervision, transparency, and investor confidence.
Describing the Act as a major milestone, NAICOM said it will reposition the industry, increase competitiveness, and support Nigeria’s long-term development goals.
