The Nigerian Insurers Association (NIA) has commended President Bola Tinubu for assenting to the Nigerian Insurance Industry Reform Act (NIIRA) 2025.
Its Chairman, Mr Kunle Ahmed, in a statement on Wednesday, described (NIIRA) 2025, as a pivotal legislation that would set the stage for transformative progress across the insurance ecosystem and the broader financial services landscape.
Ahmed noted that the Act, signalled a bold step toward strengthening insurance industry’s regulatory framework, enhancing public trust, improving market penetration, and modernising operations.
“It reflects the commitment of the Federal Government to deepening financial inclusion. It also ensures that insurance becomes a robust pillar in Nigeria’s economic architecture and in line with the president’s vision for achieving a $1 trillion economy by 2030.
“The association extends heartfelt gratitude to all stakeholders whose tireless efforts shaped the development and successful passage of the Act.
“The National Assembly, for their deliberations and legislative stewardship, the National Insurance Commission (NAICOM), for regulatory guidance and technical expertise, and other key government agencies.
“Our esteemed member companies, whose feedback and vision have been invaluable and the civil society advocates, academia, and policy experts who contributed insight and integrity throughout the reform process.
“Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible,” he added.
Going forward, Ahmed pledged NIA’s full support toward the successful implementation of the NIRRA Act.
He said that the association was dedicated to facilitating sector-wide understanding and adoption of the Act’s provisions.
According to him, this will be by engaging member companies and stakeholders through capacity-building, advocacy, and technical support.
He said that NIA would continue to partner with regulators to ensure seamless execution and compliance, while also promoting innovation and inclusion in line with the goals of the legislation.
“This is not just a legislative victory; it is a shared mission. NIA stands ready to champion a more resilient and customer-centric insurance sector that contributes meaningfully to national development,” he said.
The News Agency of Nigeria reports that President Bola Ahmed signed the Nigerian Insurance Industry Reform Bill on Tuesday, Aug. 5. (NAN)
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