By Anifowoshe Oladipupo
President Bola Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law; a move described by Senator Adetokunbo Abiru as a “pivotal milestone” in the country’s financial sector.
The new Nigerian Insurance Industry Reform Act, 2025, is hailed as one of the most comprehensive overhauls in the history of Nigeria’s insurance industry.
Sponsored by Senator Abiru, the Act repeals outdated laws and establishes a unified legal framework aimed at fostering innovation, enhancing regulatory oversight, and strengthening policyholder protection.
Senator Abiru noted that the reform aligns with the Federal Government’s broader vision of building a $1 trillion economy.
He praised the synergy among the executive, legislative, and regulatory arms of government, emphasizing that the reforms are designed to unlock the insurance sector’s potential to attract investment, generate employment, and drive financial inclusion.
The new law is expected to significantly boost insurance penetration and restore public confidence in the industry.
