Abuja: The Nigerian Insurers Association (NIA) has expressed commendation towards President Bola Tinubu following his approval of the Nigerian Insurance Industry Reform Act (NIIRA) 2025. This legislation is anticipated to significantly alter the landscape of the insurance sector and the broader financial services industry in Nigeria.
According to News Agency of Nigeria, the NIA Chairman, Mr. Kunle Ahmed, emphasized that NIIRA 2025 represents a crucial legislative move that aims to fortify the regulatory framework of the insurance sector, thereby enhancing public trust, improving market penetration, and modernizing operational procedures. Ahmed highlighted that the Act aligns with the Federal Government’s commitment to financial inclusion and is poised to make insurance a key element in Nigeria’s economic structure, supporting the president’s vision of a $1 trillion economy by 2030.
Ahmed expressed gratitude to all stakeholders involved in the Act’s development and passage, including the National Assembly for their legislative efforts, the National Insurance Commission (NAICOM) for their regulatory guidance, and other government agencies. He also acknowledged the valuable contributions from member companies, civil society advocates, academia, and policy experts, whose insights and dedication were instrumental throughout the reform process.
Looking forward, Ahmed assured the NIA’s full support for the successful implementation of the NIIRA Act. He stated that the association is committed to promoting understanding and adoption of the Act’s provisions sector-wide, engaging member companies and stakeholders through capacity-building, advocacy, and technical support. The NIA plans to continue collaborating with regulators to ensure smooth execution and compliance, while also encouraging innovation and inclusion in line with the legislation’s objectives.
In conclusion, Ahmed emphasized that this legislative development represents a collective mission, with NIA ready to advocate for a more resilient and customer-focused insurance sector that significantly contributes to national progress.
