WorldStage– The Federal Government has renewed its push for full implementation of the National Insurance Industry Reform Act (NIIRA) 2025, describing the framework as central to strengthening the nation’s financial system and expanding insurance inclusion across the economy.
Speaking at the 2025 Insurance Directors’ Conference in Lagos, the Minister of State for Finance, Dr. Doris Uzoka-Anite, said the reforms are designed to reposition the insurance industry as a stabilising force for businesses, households, and national development.
The two-day conference, jointly organised by the National Insurance Commission (NAICOM) and the College of Insurance and Financial Management (CIFM), focused on the theme: “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth.”
Uzoka-Anite said the administration of President Bola Tinubu regards the insurance sector as critical to Nigeria’s economic transformation agenda, adding that NIIRA 2025 goes beyond regulatory compliance to rebuilding confidence and expanding industry capacity.
“Insurance is the silent engine of a resilient economy. It protects national assets, encourages entrepreneurship, supports investor confidence and sustains families during shocks,” she said.
She emphasized that the next phase of reforms will prioritise digital adoption, stronger institutional governance, improved consumer protection, and expanded coverage to underserved segments such as farmers, MSMEs, transport workers, and informal labour groups.
The Minister also highlighted ongoing inter-agency collaboration with SEC, CBN, CAC, FRSC, NDPC and the EFCC to deepen regulatory alignment and strengthen capital market linkages that will support the sector’s growth.
NAICOM Commissioner, Mr. Olusegun Ayo Omosehin, said NIIRA 2025 is structured around three pillars — Reform, Rebuild, and Recapitalise — aimed at modernising oversight, improving solvency and governance standards, and driving innovation and inclusion.
He disclosed that all insurance and reinsurance companies have submitted their recapitalisation plans, with regulatory assessments already concluded and formal feedback set to commence. The recapitalisation process, which began July 31, 2025, is scheduled to close on July 31, 2026.
“The objective is not just stronger balance sheets, but stronger trust,” Omosehin noted. “Operators must deliver on claims promptly, communicate transparently, and uphold fairness in every transaction.”
He added that NAICOM is also enhancing claims dispute resolution systems, enforcing compulsory insurance lines more aggressively, and supporting the growth of InsurTech solutions to improve access and efficiency.
Both leaders stressed that NIIRA 2025 represents a collective mission to rebuild trust in the insurance sector and reposition it as a key contributor to national stability and economic competitiveness.
Uzoka-Anite expressed optimism that with strong leadership and collaboration, the industry will not only adapt to the new regulatory environment but leverage it for sustainable growth.
“With shared commitment, we will not just navigate this new landscape — we will shape it for the benefit of our people, our economy, and future generations,” she said.
