The National Insurance Commission (NAICOM) has called for the nationwide adoption and enforcement of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, describing it as “a national asset, not just a law.”
Speaking at the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters, held in Maiduguri, Borno State, North east Nigeria, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said NIIRA 2025 is not just a transformative framework that goes far beyond regulatory compliance, but one that integrates insurance directly into Nigeria’s national development agenda.
“Insurance is not just about premiums and claims. It is about protecting lives, preserving government resources, and building an economy that can withstand shocks,” the Commissioner declared.
He said that under NIIRA 2025, NAICOM aims to expand index-based and parametric insurance for crops and livestock, promote bundled insurance products with inputs and credits, create a collaborative platform for operators to partner with tech firms and agribusinesses to scale digital insurance delivery, and work with state governments to embed insurance into agricultural extension services.
According to him, the theme of the retreat, Navigating the New Era of Insurance Regulation, “reflects our collective commitment to building a modern, inclusive, and resilient insurance ecosystem. NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.”
“This retreat offers a unique opportunity to deepen understanding of NIIRA 2025’s provisions and implications; strengthen collaboration between legislators, regulators, and industry players; explore strategic partnerships with state governments in providing appropriate insurance cover for government assets, agriculture, and infrastructure.”
He said insurance in the agricultural sector covers over 1.4 million smallholder farmers to de-risk agriculture and empower farmers.
“Over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026. In Q2 2025, 250,000 farmers were insured across eight states under federal initiatives. Statistics show that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers, averaging 20 bags/hectare compared to 18 bags/hectare.”
He also emphasised that improved enforcement could reduce emergency government spending and increase public confidence in the industry. “Every year, billions are spent on roads, schools, and hospitals. Without insurance, one disaster can erase years of investment,” he warned.
Mr. Omosehin therefore emphasised that NIIRA 2025 positions Nigeria’s insurance sector for sustainable growth, enhanced consumer protection, and international competitiveness.