By Tony Obiechina Abuja
The National Insurance Commission (NAICOM), has expressed gratitude to President Bola Ahmed Tinubu, for assenting to the Nigerian Insurance Industry Reform Act 2025 (NIIRA 2025).
NAICOM said in a statement on Tuesday that “This marks a significant milestone in the history of our industry and underscores this administration’s commitment to the financial sector’s reform and economic growth”.
According to the statement, “NIIRA 2025 is a game-changer for our industry, providing a modernized framework that will enhance insurance penetration, promote economic growth, protect policyholders’ interests and attract investments into the sector.
“We are confident that this new law will unlock the potential of the insurance sector, enabling it to contribute more meaningfully to Nigeria’s economic development and in achieving the $1 trillion dollar economy”.
NAICOM also appreciated the visionary leadership and commitment of the National Assembly for the passage of NIIRA 2025 particularly the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru, the sponsor of the Bill.
“This is a testament to your dedication and commitment to the growth and development of the insurance industry. We also express tremendous gratitude to his counterpart in the House of Representatives, Hon. Ahmed Usman Jaha, Chairman of the House of Representatives Committee on Insurance and Actuarial matters and all the members of their various committees for their dedication support and patriotism which saw the swift passage of the Act at the National Assembly”, it stated.
The Commission also appreciated the Coordinating Minister of the Economy and the Minister of Finance Mr. Wale Edun as well as the Minister of State for Finance Dr. Doris Uzoka-Anite and all other stakeholders for their critical role in this monumental achievement.
“The new legislation marks a significant milestone in the country’s efforts to reinvigorate the insurance industry, over two decades after the enactment of the Insurance Act 2003. The Act marks a new era in the ongoing efforts to strengthen the Nigerian insurance industry, enabling it to compete favourably in the African insurance market and globally.
“NAICOM is confident that the new law will serve as a catalyst for growth, innovation, and enhance market confidence in the insurance sector, unlocking its full potential and significantly driving economic development. The Nigerian Insurance Industry Reform Act 2025 (NIIRA2025) represents a transformative milestone and a true game-changer for the nation’s insurance landscape”, the statement added.
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