By Vivian Emoni

The Abuja Chamber of Commerce and Industry (ACCI) has commended President Bola Tinubu for signing the 2025 Nigerian Insurance Industry Reform Act (NIIRA) into law.

The chamber described it as a major milestone for the nation’s insurance sector.

Speaking at a stakeholders’ meeting in Abuja on Thursday, ACCI President, Chief Emeka Obegolu, said the Act would modernise the industry, boost investor confidence, and position insurance as a critical enabler of Nigeria’s economic transformation.

“This reform signals Nigeria’s commitment to building a resilient, transparent, and investor-friendly insurance sector,” he said.

Obegolu noted that the Act introduced key provisions to strengthen regulatory compliance and restore public trust in insurance products.

He highlighted its importance, especially for Micro, Small, and Medium Enterprises (MSMEs), in providing financial protection amid economic uncertainties.

He urged business owners to integrate insurance into their risk management strategies, stressing that “insurance is not a luxury, but a necessity for business continuity.”

According to him, the NIIRA 2025 introduces several critical reforms, including enhanced capital requirements to ensure operator solvency and mandatory compliance with compulsory insurance schemes to protect consumers.

“The Act also promotes the digitisation of insurance services for better access, transparency, and efficiency.”

He added that the legislation aligned with President Tinubu’s vision of building a 1trillion dollar economy, by creating an investment-friendly insurance landscape.

“NIIRA 2025 will deepen insurance penetration, attract foreign investment, and position Nigeria as a continental insurance hub,” Obegolu said.

He further assured that the ACCI would continue to collaborate with stakeholders, including the National Insurance Commission (NAICOM), to promote awareness and enhance insurance literacy across the business community.

“This is a transformative moment for Nigeria’s insurance industry.

“ACCI stands ready to support implementation, advocacy, and stakeholder engagement to fully realise the Act’s benefits,” he said. (NAN)(www.nannews.ng)

Edited by Abiemwense Moru