FG releases parameters for measuring success of NIIRA
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Chuks Udo Okonta
The Federal Government has said the success of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 would be measured by the lives protected, impacts on the economy, the jobs secured, and the futures restored.
The Minister of State, Ministry of Finance, Dr. Doris Uzoka-Anite, disclosed this today at the ongoing 2025 Insurance Directors’ Conference in Lagos, noting that achieving the parameters required collective partnerships; collaboration, patience, and courage.
Speaking on the event theme; ‘Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth’ she submitted that the insurance industry is at a transformative moment that demands innovation, strategic leadership and accountability, stating that she is confident that, with the directors leadership, the Nigerian insurance industry will not only navigate this new landscape but also shape it — for our people, for our economy, and for generations to come.
“As Directors and Leaders, your commitments to strengthen corporate governance, improve professionalism, and deepen the culture of compliance have not gone unnoticed. Through your collective actions, you are not just superintending over the affairs of our insurance entities; you are rebuilding the very foundation of trust upon which insurance industry stands,” she said.
She maintained that the ongoing implementation of the Nigerian Insurance Industry Reform Act 2025 is a landmark initiative that aligns the insurance sector with the Federal Government’s broader economic transformation strategy, noting that NIIRA 2025 is more than a regulatory framework; it represents a fundamental shift towards building institutions that are robust, ethical, innovative, and responsive to the evolving needs of Nigerians.
She stated that through NIIRA 2025, the government is laying a good foundation and that reforms being implemented by NAICOM are positioning Nigeria not just to catch up, but to lead — to become a model for regulatory innovation and sustainable market growth across Africa.
She submitted that the Federal Ministry of Finance remains fully aligned with NAICOM’s reform trajectory, stating that together, they are pursuing a multi-layered approach that connects insurance to national policy priorities.
She the government is working to:
• Strengthening capital market linkages, enabling insurers to invest more confidently in long-term infrastructure and green finance.
• Review investment and solvency frameworks to align with macroeconomic stability and protect policyholders.
• Promote inter-agency collaboration, ensuring synergy between NAICOM, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Corporate Affairs Commission (CAC), the Federal Road Safety Corps (FRSC), the Nigerian Data Protection Commission (NDPC), and the Economic and Financial Crimes Commission (EFCC).
• Support financial innovation, through tax incentives, digital platforms, and sandboxes that encourage InsurTech growth.
Our collective goal is clear: to make insurance a pillar of Nigeria’s financial ecosystem — a sector that protects, empowers, and propels economic transformation, she posited.
She said as a government, “we are conscious that policy consistency and collaboration with regulators are essential to sustain this progress. That is why we are ensuring that every reform undertaken by NAICOM is complemented by fiscal support, public awareness campaigns, and cross-sector partnerships.”
The Commissioner for Insurance Olusegun Omosehin, on the ongoing recapitalisation exercise, said institutions have submitted recapitalisation plan as at the September 30th deadline for submission, noting that reviews of the plans have been completed, and the Commission will commence official communication to each company indicating the outcome of the review of Progress Report and also provide guidance and maintain open communication with operators to ensure smooth implementation of the recapitalisation exercise.
