Nigeria’s National Insurance Commission (NAICOM) has officially launched the implementation strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, a landmark initiative aimed at transforming the country’s insurance sector.
The announcement was made during a high-level meeting in Abuja, where the Commissioner for Insurance, Mr Olusegun Omosehin, inaugurated three specialised working groups to drive the reform agenda across the insurance value chain.
NIIRA 2025, signed into law in July, outlines a comprehensive roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement. Speaking at the strategy session, Omosehin described the agenda as “a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria.”
The Commissioner emphasised that the implementation phase would be inclusive, data-driven, and results-oriented. “This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry,” he said.
The three newly inaugurated working groups include:
- Compulsory Insurance Working Group: Chaired by Shola Tinubu, this group is tasked with strengthening enforcement and adoption of mandatory insurance schemes such as motor third-party, builders liability, group life, professional indemnity, and public buildings insurance.
- Digitisation Working Group: Led by Adetola Adegbayi, this team will focus on modernising the regulatory ecosystem using innovative digital tools and platforms to enhance efficiency and transparency.
- Financial Inclusion Working Group: Chaired by Dr Yeside Oyetayo, the group aims to deepen insurance penetration among underserved and low-income populations, aligning with broader national goals for inclusive financial services.
Omosehin commended stakeholders for their commitment and expressed confidence that the new structure would accelerate industry-wide reforms. “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 concluded.
