Experts Say NIIRA 2025 Will Boost Economic Growth, Strengthen Insurance Sector in Nigeria

The recently enacted Nigeria Insurance Industry Reform Act (NIIRA) 2025 has been described by industry leaders as a game-changer that will foster economic growth and reposition the country’s insurance sector for global competitiveness. Speaking at the Insurance Meets Tech (IMT) 4.0 Conference in Lagos, themed “Innovating for the New Trybe,” the Commissioner for Insurance, Mr. Olusegun Omosehin, highlighted the transformative role NIIRA will play in reshaping the industry.

Represented by the Deputy Commissioner for Insurance (Finance & Administration), Mr. Ekerete Ola Gam-Ikon, Omosehin explained that NIIRA is designed to strengthen capital requirements, improve digitalisation, promote microinsurance, and create a Policyholder Protection Fund to safeguard customers. “The Act provides a blueprint to reset the industry. Nigerians can now be confident that when something goes wrong, insurance will deliver,” he noted, stressing that the law bridges the gap between informal family support systems and structured insurance cover.

Omosehin added that NIIRA’s recapitalisation provisions will significantly expand insurers’ capacity to handle risks locally, reduce capital flight, and contribute directly to Nigeria’s ambition of building a $1 trillion economy. According to him, increased investor confidence and deeper insurance penetration will also provide long-term stability for the financial sector.

In his remarks, the Chairman of the Nigerian Insurers Association (NIA) and CEO of AXA Mansard Insurance Plc, Mr. Kunle Ahmed, described the Act as a “bold step” toward strengthening regulation, building public trust, and modernising the insurance market. He emphasised that NIIRA represents the Federal Government’s commitment to financial inclusion and the vision of making insurance a vital pillar of national development.

“This is not just a legislative victory; it is a shared mission,” Ahmed said. “The NIA is fully committed to supporting a more resilient, customer-focused insurance industry that contributes meaningfully to Nigeria’s economic transformation.” Experts at the event agreed that if properly implemented, NIIRA could unlock the sector’s potential, create more jobs, and help secure the nation’s economic future.

source: vanguard