The National Orientation Agency (NOA) has highlighted the benefits of the recently signed Nigerian insurance industry reform bill, saying that it is designed to strengthen citizens’ financial security and reduce the risk of unforeseen losses.
In a recent explainer, NOA said the law “makes it mandatory for Nigerians to insure their vehicles, buildings, healthcare, pensions, and certain businesses”.
The agency described the reform as a critical step toward deepening financial inclusion, expanding protection for households, and strengthening confidence in the financial system.
“The Act will serve as a regulatory framework for the insurance industry, outlining basic principles and empowering regulations and guidelines to strengthen Nigeria’s insurance sector and accelerate the nation’s march towards a $1 trillion economy,” NOA said.
“It will protect policyholders and stakeholders through timely, effective and proactive regulatory interventions; and promote discipline, ethical practices and sound market conduct across the insurance value chain.
“Accelerate insurance penetration, public awareness, and inclusive sectoral growth; and facilitate job creation and support employment-driven initiatives within the insurance ecosystem,” the agency said.
Business Today NG recalled that on Tuesday, August 5, President Bola Tinubu signed the Nigerian insurance industry reform bill 2025 into law.
The bill seeks to strengthen Nigeria’s financial sector and accelerate the nation’s march toward a $1 trillion economy.
