This landmark legislation is a major milestone in strengthening the regulatory framework of Nigeria’s insurance industry. With enhanced oversight, transparency, and accountability, the Bill will deepen public confidence, attract investment, and promote sustainable growth that benefits policyholders, operators, and the broader economy.

NAICOM acknowledges the vision, dedication, and collaborative spirit demonstrated by the Senate leadership and Senator Abiru in championing reforms that will modernize insurance regulation and advance financial inclusion in Nigeria. Their commitment underscores the importance of this achievement for the protection of citizens and the stability of the financial sector.

The Commission reaffirms its readiness to ensure the effective implementation of the provisions of the new law once signed, and to continue working closely with all stakeholders to position the insurance industry as a catalyst for national development.

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If enacted, the proposed law will establish an Insurance Regulatory Commission and repeal the existing legislation that established the National Insurance Commission (NAICOM).

Under the proposed framework, the new regulatory body would be responsible for providing guidance to the Federal Government on policies concerning natural disaster risks and other important issues affectcing the insurance sector.

The bill was sponsored by the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Senator Mukhail Adetokunbo Abiru (APC, Lagos East).

Presenting the report, Abiru said “The current National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the insurance business.”

“Despite its the commission’s vsignificant contributions, the enabling law has become obsolete, failing to align with current realities and global best practices, and unable to keep pace with the evolving nature of the insurance industry, exposing numerous gaps in the law and necessitating urgent amendments,” he said.

Regarding administrative leadership, Abiru explained that the draft law outlines precise criteria for director appointments, guaranteeing that solely qualified specialists with backgrounds in risk mitigation, law, financial systems, corporate management, and underwriting obtain leadership seats.

He noted further that this updated statute equips the agency to offer enhanced strategic guidance and supervisory control, driving the expansion of the nation’s coverage market

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This milestone , according to her was achieved through targeted initiatives that reached children, students, professionals, and various communities across Nigeria.

Speaking at her valedictory virtual press conference marking the end of her tenure as CIIN’s 52nd President, Ilori reflected on her administration’s key achievements.

She described her leadership journey as one driven by a steadfast commitment to expanding insurance education, strengthening professionalism, building capacity, and fostering deeper industry collaboration.

She expressed deep gratitude to the media for their unwavering support in publicizing the institute’s programs, noting that journalists played a vital role in boosting insurance awareness and enhancing public understanding of the sector’s economic importance.

“I came into office with a clear intention to make a difference,” Ilori said. “Leadership should always be measured by the impact it creates and the legacy it leaves behind.”

Ilori explained that her administration was guided by the EPIC agenda—focused on Education, Professionalism, Institutional and Individual Recognition, and Capacity Building. This strategic framework served as the foundation for the institute’s major initiatives over the past two years.

Key Milestones of the EPIC Administration

 Nationwide Advocacy: A defining achievement of her tenure was expanding “Insurance Week” into a nationwide campaign. The initiative took advocacy beyond traditional industry circles and directly into local markets, schools, universities, and public spaces.

 Early Childhood Education: To nurture financial literacy from an early age, the CIIN published two introductory books simplified for children aged 4–10 and 11–16, making insurance concepts accessible and relatable.

 Youth & Tech Innovation: To foster innovation, the institute promoted youth participation through a specialized Hackathon, bringing together students, tech experts, and insurance practitioners to develop digital solutions for the sector.

 The Million-Youth Project: Ilori highlighted a landmark partnership with the National Insurance Commission (NAICOM) and the Federal Ministry of Youth Development. This digital learning initiative aims to train one million Nigerian youths in insurance and financial literacy, equipping them with the skills to pursue careers in insurance, entrepreneurship, and sound financial planning.

She also praised the strengthened collaboration among insurers, regulators, and professional bodies, noting that these collective efforts contributed to major industry reforms, including supporting the progress of the new insurance bill.

Beyond domestic policy reforms, the CIIN under her leadership expanded its reach to Nigerian insurance professionals in the diaspora, upgraded facilities at the College of Insurance, and enhanced career development through directors’ conferences, specialized training, and student internship opportunities.

Ilori emphasized that the successes of her tenure were the result of industry-wide teamwork rather than individual effort.

“As I leave office, my desire is for this stakeholder collaboration to continue,” she concluded. “It is not about any single individual; it is about the institution and the sustainable growth of the Nigerian insurance industry.”

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Speaking under the event’s central focus on economic development, regional leaders argued that Africa cannot successfully scale up its manufacturing value chains or transition away from exporting raw commodities without building a robust, domestic infrastructure for risk absorption.

Delivering the keynote paper, Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development at Afreximbank, highlighted the stark reality facing the continent’s industrial ambitions. Across most of Africa, insurance penetration remains frozen at just 2% to 3%, compared to a global average of 6.8%. Furthermore, Africa’s entire continental reinsurance market accounts for a mere 1.6% of the global total.

Awani stressed that these deficits are directly choking industrial expansion, resulting in delayed infrastructure projects, higher financing costs, and a problematic status quo where too much African risk is ceded to foreign markets.

“Research shows the strong link between higher insurance penetration and higher manufacturing value-added per capita,” Awani said. “Put simply, if a country has industrialized, it means it has learned to manage its own risk.”

To support the industrial goals of the African Continental Free Trade Area (AfCFTA), which spans 1.5 billion people and a combined GDP of $3.4 trillion, Awani called on policymakers to view insurance as a fundamental pillar of trade and project finance rather than a peripheral service.

She noted that the continent faces an annual infrastructure funding deficit of nearly $90 billion. To bridge this gap, she urged global and regional insurers to mobilize their balance sheets, noting that directing just 0.5% of the world’s $42 trillion in insurance assets toward African infrastructure would transform the continent’s industrial capacity.

The conference also highlighted how national-level regulatory reforms can successfully unlock capital for broader economic growth. Mahmoud Farid, Egypt’s Minister of Investment and Trade, speaking on behalf of the Prime Minister, detailed Egypt’s recent four-year regulatory overhaul.  

Farid pointed to a previously controversial mandate by Egypt’s Financial Regulatory Authority (FRA) that forced insurance companies and private pension funds to invest a strict minimum percentage into listed equities. While initially met with industry pushback, Farid revealed the strategy has successfully energized local capital markets. Thanks to the influx of institutional insurance capital, Egypt is now preparing for four to five new private sector Initial Public Offerings (IPOs) alongside major state Listings like Misr Life Insurance.  

By tightening governance, driving digitization, and mandating equity investments, Egypt’s reforms demonstrated how a structured insurance sector can directly feed the wider financial ecosystem required for industrial investment.

Reinforcing the social necessity of these economic strategies, Egypt’s Deputy Minister of Foreign Affairs for African Affairs, H.E. Mohammed Abu Bakr, concluded that a strong insurance and reinsurance network ensures that individual citizens and businesses do not have to shoulder the volatile risks of economic transformation alone.

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