President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, marking a historic milestone in Nigeria’s financial services sector and laying a firm foundation for the realisation of the government’s $1 trillion economy target.

The new legislation, signed on Tuesday, August 5, 2025, repeals and replaces the Insurance Act of 2003, unifying various outdated regulatory provisions into a single, modern legal framework aimed at deepening insurance penetration, attracting investment, and protecting policyholders across the country.

According to a statement from the Presidency, the NIIRA 2025 is a core pillar of the Renewed Hope Agenda and is designed to transform Nigeria’s financial landscape while promoting confidence, innovation, and sustainability in the insurance sector.