Tinubu signed a bill on the insurance industry reform

Tinubu Bola President on Tuesday signed the 2025 Nigerian Insurance Industry Bill (NIIR) to be a law.

This development marks a big step in an effort to strengthen the financial sector to reach the economy of $ 1 trillion.

Special advisors about information and strategies to the President, Bayo Onanuga, revealed this in a statement on Tuesday in Abuja.

The Law Reform of the Nigerian Insurance Industry (NIIRA) 2025 revoked an outdated law and united it into a modern legal framework for insurance and reinsurance regulations.

Onanuga said this new action provided comprehensive supervision for all insurance and reinsurance businesses that operate in Nigeria.

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“This development reiterated the administrative commitment to financial stability, economic development, and inclusive growth.

“Niira 2025 led a new era of transparency, innovation and global competitiveness to the insurance industry. This is in line with the vision of the federal government to reach the economy of $ 1 trillion.”

“The National Insurance Commission is mandated to manage and implement the 2025 NIIRA provisions in a way that opens the full potential of the industry and significantly increase insurance penetration throughout the country.

“This reform is expected to unlock new investments, increase consumer confidence, and position Nigeria as the top insurance center in Africa,” said the president’s aide.