By Abbanobi -Eku Onyekachi
Abuja
In a move to boost Nigeria’s financial services sector, President Bola Ahmed Tinubu has signed the Nigerian Insurance Industry Reform Bill, 2025 into law, now known as the Nigerian Insurance Industry Reform Act (NIIRA), 2025. The bill’s lead sponsor, Senator Mukhail Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, has warmly on Wednesday commended Mr President for the milestone achievement.
Senator Abiru described the enactment of the NIIRA 2025 as a pivotal milestone in the country’s efforts to reposition its financial services sector for inclusive growth and global competitiveness. He noted that the NIIRA 2025 represents one of the most comprehensive and far-reaching reforms in the history of Nigeria’s insurance industry.
The NIIRA 2025 is expected to have a significant impact on the country’s financial services sector, promoting inclusive growth and global competitiveness. Senator Abiru’s committee worked tirelessly to ensure the passage of the bill, and the senator expressed pride in the landmark legislation.
The NIIRA 2025 is a landmark legislation that aims to reform the Nigerian insurance industry. The NIIRA 2025 Act will introduces comprehensive reforms to the Nigerian insurance industry, aimed at promoting growth and stability, is expected to promote inclusive growth and global competitiveness in the financial services sector, was sponsored by Senator Abiru and co-sponsored by members of the Senate Committee on Banking, Insurance and Other Financial Institutions.
The enactment of the NIIRA 2025 marks a new era for Nigeria’s insurance industry, with far-reaching implications for the country’s financial services sector.
