The Nigerian Insurers Association (NIA) has reaffirmed its commitment to the seamless implementation of the newly signed Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing the legislation as a transformational milestone for the country’s financial services sector.
In a statement issued on Wednesday, NIA Chairman Kunle Ahmed commended President Bola Ahmed Tinubu for signing the bill into law on August 5, 2025. He noted that the Act will strengthen the regulatory framework, boost public trust, increase market penetration, and modernize insurance operations across Nigeria.
“This law reflects the federal government’s commitment to deepening financial inclusion and ensuring insurance becomes a strong pillar in Nigeria’s economic architecture — fully aligned with the President’s vision for a $1 trillion economy by 2030,” Ahmed stated.
Gratitude to Stakeholders
Ahmed expressed appreciation to all who contributed to the bill’s passage — including the National Assembly, for its legislative diligence; the National Insurance Commission (NAICOM), for its regulatory guidance; and other government agencies that provided technical expertise.
He also recognized member companies of the NIA, civil society advocates, academia, and policy experts for their insight and dedication throughout the reform process.
“Your collaborative spirit and unwavering commitment to the future of insurance in Nigeria have made this achievement possible,” he added.
Commitment to Enforcement & Capacity Building
The NIA pledged to work closely with regulators to ensure full compliance and sector-wide adoption of the Act’s provisions. The association plans to roll out capacity building initiatives, advocacy programs, and technical support to help stakeholders adapt to the new framework.
Ahmed emphasized that this is “not just a legislative victory, but a shared mission”, reaffirming the NIA’s readiness to champion a more resilient, innovative, and customer-focused insurance sector that actively contributes to national development.
Positive Market Response
The signing of the NIIRA 2025 has already made waves in the financial markets. On August 6, 2025 — just a day after President Tinubu’s approval — insurance stocks on the Nigerian Exchange Limited (NGX) surged by 10%, reflecting renewed investor confidence in the sector’s growth potential.
