The National Insurance Commission (NAICOM) has launched the implementation strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, a decisive move aimed at transforming Nigeria’s insurance landscape and aligning it with global best practices.
At a high-level strategy meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, inaugurated three core working groups to oversee and coordinate the implementation of the reform agenda across the insurance value chain. The NIIRA 2025, which was signed into law earlier this year, sets out a comprehensive framework for regulatory modernization, financial inclusion, digital transformation, and compulsory insurance enforcement.
Speaking during the launch, Mr. Omosehin reaffirmed NAICOM’s commitment to a transparent, inclusive, and data-driven reform process. He said the implementation of NIIRA 2025 would consolidate ongoing institutional reforms and reposition the insurance sector as a key contributor to Nigeria’s economic growth.
“This marks the beginning of a coordinated journey toward building a stronger, more transparent, and technology-driven insurance industry,” he said. “NIIRA 2025 is not just a regulatory document—it is a blueprint for protecting lives, businesses, and investments across Nigeria.”
He explained that the newly established working groups will serve as engines of reform to ensure that the Commission’s policy objectives are translated into measurable outcomes. The groups are tasked with strengthening compulsory insurance enforcement, deepening financial inclusion, and driving digital transformation within the industry.
According to NAICOM, the Compulsory Insurance Working Group, chaired by Mr. Shola Tinubu, will focus on expanding compliance with mandatory insurance schemes such as Motor (Third Party), Builders Liability, Group Life, and Public Buildings insurance. The Digitization Working Group, chaired by Ms. Adetola Adegbayi, will modernize the insurance regulatory system through the deployment of innovative digital platforms to enhance transparency, data integrity, and accessibility. The Financial Inclusion Working Group, led by Dr. Yeside Oyetayo, will promote microinsurance and takaful products to increase insurance penetration among low-income earners and underserved communities.
Mr. Omosehin commended the stakeholders for their support and urged active collaboration among regulators, operators, and consumers to ensure the success of the reform strategy. “This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria. We must all see ourselves as partners in national development,” he added.
Senior management representatives of the Commission also emphasized the need for effective communication and measurable benchmarks throughout the process. They assured that NAICOM would continuously monitor progress, publish periodic updates, and engage with stakeholders to ensure accountability.
The NIIRA 2025 Implementation Strategy reflects NAICOM’s renewed commitment to building a more inclusive, innovative, and resilient insurance industry. Through these reforms, the Commission aims to strengthen public confidence, expand market participation, and enhance the industry’s contribution to Nigeria’s economic stability and growth.
