Deputy Spokesperson of the House of Representatives, Hon. Philip Agbese, has praised President Bola Ahmed Tinubu's insurance reforms, describing them as a significant step towards repositioning Nigeria's insurance industry. Agbese, a Labour Party lawmaker from Benue State, stated that the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 is strengthening the industry and restoring international confidence in the Nigerian economy. He described Tinubu as the "father of modern insurance reforms" in Nigeria.
The enactment and implementation of NIIRA represent a major milestone in repositioning the insurance industry to meet contemporary economic realities. According to Agbese, the new law provides a legal and regulatory foundation for building a stronger, more competitive, and financially resilient insurance industry capable of supporting sustainable economic growth. The law focuses on capital adequacy, sound corporate governance, consumer protection, and improved regulatory oversight.
A credible insurance industry is critical to attracting long-term investment, protecting businesses and individuals against risks, and providing financial backing for infrastructure and other productive activities, Agbese emphasized. He noted that the reform consolidated Nigeria's insurance laws while introducing a more flexible framework capable of responding to changes in domestic and global insurance markets. This, he said, would enhance confidence among policyholders, investors, and international business partners.
The ongoing implementation of NIIRA is already producing measurable changes, with the completion of the industry's recapitalisation exercise. The National Insurance Commission (NAICOM) reported that this exercise has strengthened operators' financial resilience and attracted domestic and foreign investment. Agbese commended NAICOM's Commissioner for Insurance and Chief Executive Officer, Mr. Olusegun Ayo Omosehin, for effective leadership in translating NIIRA's provisions into practical regulatory reforms.
NAICOM's reform agenda under NIIRA focuses on market conduct, policyholder protection, corporate governance, and financial inclusion, among other areas. Agbese commended the commission for completing the recapitalisation exercise in a structured and verifiable manner, with 43 insurance and reinsurance companies meeting the prescribed minimum capital requirements. Some additional firms are undergoing final verification.
Agbese urged NAICOM to sustain its engagement with industry operators and stakeholders while ensuring that stronger capitalisation translates into better services, prompt claims settlement, innovation, and wider insurance penetration. He also commended the National Assembly for providing the legislative framework for the transformation, stressing that NIIRA's enactment demonstrated the legislature's commitment to creating laws that respond to the changing needs of the Nigerian economy.
The continued collaboration between the National Assembly, the executive, NAICOM, and industry stakeholders will be necessary to ensure effective implementation of NIIRA and maximise its benefits for Nigerians and the wider economy, Agbese added. The lawmaker's comments highlight the significance of Tinubu's insurance reforms in repositioning Nigeria's insurance sector for greater contribution to national economic development.
Key points
- President Bola Ahmed Tinubu's insurance reforms are strengthening Nigeria's insurance industry and restoring international confidence in the economy.
- The implementation of NIIRA 2025 is providing a legal and regulatory foundation for a stronger, more competitive, and financially resilient insurance industry.
- The reforms are expected to enhance confidence among policyholders, investors, and international business partners, and contribute to Nigeria's economic transformation.
