Insurance leaders urged to drive NIIRA 2025 implementation

Joy Agwunobi

Nigeria’s insurance directors have been charged to take the lead in transforming the country’s insurance landscape through strong governance, innovation, and ethical leadership, in alignment with the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

The call was made by Doris Uzoka-Anite, minister of state, ministry of finance, and Olusegun Omosehin, commissioner for insurance and chief executive officer of the National Insurance Commission (NAICOM), during the 2025 Insurance Directors’ Conference held in Lagos. Themed “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” the event brought together key stakeholders in the insurance and financial sectors to deliberate on the industry’s transformation agenda.

Uzoka-Anite described the NIIRA 2025 framework as a bold and transformative initiative designed to reposition the insurance sector for inclusive growth, stability, and long-term sustainability. According to her, the reform introduces a new regulatory architecture that seeks to enhance governance standards, deepen market penetration, and rebuild public confidence in the insurance ecosystem.

“The 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,” the minister stated.

She commended NAICOM and the College of Insurance and Financial Management (CIFM) for their consistency in hosting the annual directors’ conference, which she described as a vital platform for strategic dialogue, knowledge sharing, and capacity building among industry leaders.

Uzoka-Anite further stressed that the Federal Government remains committed to supporting NAICOM’s reform efforts through fiscal incentives, capital market linkages, and inter-agency collaboration. She urged insurance directors to champion compliance, transparency, and innovation within their organizations, while ensuring that insurance products reach underserved groups such as farmers, artisans, and micro-entrepreneurs.

“The NIIRA framework aligns with the government’s broader economic transformation agenda,” she explained, “and positions insurance as a catalyst for inclusive growth, financial stability, and sustainable development.”

In his keynote address, Omosehin emphasised that the theme of the 2025 conference reflects the collective responsibility of industry leaders to not only comply with new regulations but to translate compliance into competitive advantage.

“Regulation should not be seen as a constraint,” he noted, “but as a platform for innovation, resilience, and long-term growth. Our focus must be on turning compliance into competitiveness and ensuring that the insurance sector becomes a central driver of Nigeria’s economic aspirations.”

Omosehin highlighted the insurance industry’s potential to play a more active role in national development, describing it as both a shock absorber and a growth catalyst. He reiterated that the sector must evolve from operating on the periphery of the economy to becoming a mainstream player that contributes significantly to Nigeria’s Gross Domestic Product (GDP).

“Insurance must move from the margins to the mainstream of economic planning,” the NAICOM boss stated. “By unlocking its potential, we can provide long-term capital, mitigate risk, and ensure financial security for individuals and businesses across the country.”

Addressing the directors, Omosehin underscored their central role in the successful implementation of NIIRA 2025. He described boards of insurance companies as custodians of governance, ethics, and strategic foresight, urging them to uphold integrity and accountability in their oversight functions.

“As directors, your leadership is central to the successful implementation of these reforms,” he said, adding “It is not enough to focus on financial performance; you must also drive innovation, ensure compliance, and build resilience across your organizations. Good governance is not just a regulatory expectation — it is a moral duty.”

Omosehin also called on the industry to embrace a broader vision where insurance plays a developmental role in the economy from infrastructure financing and climate resilience to financial inclusion.

“Our ambition goes beyond regulation,” he added. “We envision an insurance sector that contributes meaningfully to national development. Through responsible investment and targeted products, insurers can help manage fiscal exposure, stabilise communities, and attract long-term capital. Insurance is not a peripheral service; it is a strategic pillar of national progress.”

The conference served as a rallying point for Nigeria’s insurance leaders to reflect on the responsibilities that come with the implementation of NIIRA 2025, a reform expected to redefine the sector’s operations, reinforce credibility, and align the industry with the country’s broader economic growth objectives.