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The National Insurance Commission (NAICOM) has officially launched a detailed implementation strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, marking a major step toward overhauling Nigeria’s insurance sector. The new strategy was unveiled on Tuesday at a high-level meeting in Abuja, where the Commissioner for Insurance, Mr. Olusegun Omosehin, inaugurated three core working groups that will oversee the execution of NIIRA’s objectives across the insurance value chain. The NIIRA 2025, signed into law in July, outlines a comprehensive roadmap to modernise the Nigerian insurance industry through regulatory reform, digital transformation, financial inclusion, and strict enforcement of compulsory insurance laws. The reform is expected to strengthen consumer protection, improve transparency, and expand insurance coverage across all sectors of the economy. Speaking during the strategy session, Omosehin reaffirmed NAICOM’s commitment to ensuring that the implementation phase of NIIRA is inclusive, data-driven, and result-oriented. He said the initiative represents a coordinated journey toward building a stronger and more technology-driven insurance ecosystem in Nigeria. “This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry,” Omosehin stated. “The NIIRA 2025 is not just a regulatory document; it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria.” He explained that the implementation plan is designed to translate key policy goals into measurable outcomes that will strengthen trust in insurance services and promote economic resilience. To achieve this, three specialised working groups have been established to lead reforms in key areas. The Compulsory Insurance Working Group, chaired by Mr. Shola Tinubu, is tasked with strengthening the enforcement and adoption of all compulsory insurance schemes nationwide. This includes motor (third-party) insurance, builders’ liability, group life assurance, professional indemnity, and public buildings insurance. The group will also engage state governments and agencies to ensure compliance and public awareness. The Digitisation Working Group, led by Mrs. Adetola Adegbayi, will focus on modernising the regulatory ecosystem through digital innovation. Its goal is to develop platforms that simplify operations, promote data accuracy, and enable seamless collaboration among insurers, brokers, and regulators. This group will also explore the use of artificial intelligence and digital payment systems to improve customer experience and reduce fraud in the insurance sector. The Financial Inclusion Working Group, chaired by Dr. Yeside Oyetayo, will drive initiatives to deepen insurance penetration among low-income earners and underserved communities. The group is expected to design inclusive products that are affordable, accessible, and relevant to the needs of Nigerians in both rural and urban areas. Omosehin commended the newly appointed group leaders for their commitment and urged all stakeholders to see themselves as partners in national development. “This strategy represents a shared responsibility to deliver results that will redefine the perception and impact of insurance in Nigeria,” he said. “We must all see ourselves as partners in national development and work together to make insurance a driver of economic growth.” He further noted that NIIRA 2025 aligns with President Bola Tinubu’s economic reform agenda and supports Nigeria’s broader goals of financial stability and social inclusion. According to him, the insurance industry plays a crucial role in national growth by providing risk protection, promoting business confidence, and mobilising long-term capital for infrastructure development. Industry observers have praised NAICOM’s renewed focus on implementation, noting that previous reforms in the sector were often slowed by weak enforcement and poor collaboration between regulators and operators. The new strategy, they believe, could finally address these challenges by creating a more coordinated approach that combines regulation, innovation, and stakeholder engagement. The Commissioner emphasised that NAICOM’s goal is to build an insurance industry that works for every Nigerian — from corporate entities to small business owners, farmers, and artisans. “Insurance should not be seen as a luxury but as a necessity for national stability and individual well-being,” Omosehin said. The NIIRA 2025 initiative is expected to be rolled out in phases over the next few years, with measurable benchmarks and performance tracking to ensure accountability.
