By Onu Okorie
The Minister of State, Ministry of Finance, Dr. Doris Uzoka-Anite, has challenged operators in the insurance sector on need to contribute significantly to Gross Domestic Products GDP, mobilizes long-term capital for infrastructure, and expands protection to all segments of society — from corporate clients to the informal sector, from large cities to rural communities.
The Minister stated this yesterday during this year’s Insurance Directors’ Conference, going on in Lagos.
According to her, “in Nigeria, we have made steady progress, but we must accelerate the reform process, as the government envisions an insurance industry that contributes significantly to GDP, mobilizes long-term capital for infrastructure, and expands protection to all segments of society — from corporate clients to the informal sector, from large cities to rural communities.”
The Minister explained that with the theme “Navigating the New Insurance Landscape: Strategies for NIIRA 2025 Compliance and Growth,” that the conference, it’s critical transformative moment that demands innovation, strategic leadership, and accountability.
“This is where NIIRA 2025 becomes a national imperative. It provides a strategic roadmap that connects regulatory reform with digital innovation, market deepening, and consumer empowerment.”
The ongoing implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 is a landmark initiative that aligns the insurance sector with the Federal Government’s broader economic transformation strategy. NIIRA 2025 is more than a regulatory framework; it represents a fundamental shift towards building institutions that are robust, ethical, innovative, and responsive to the evolving needs of Nigerians.Global Trends and Nigeria’s Opportunity.
It is also important to situate this discussion within global realities. Across the world, the insurance landscape is changing rapidly — shaped by climate change, demographic shifts, and digital disruption.
Today’s insurers are no longer just risk carriers; they are instrumental to a gamut of risk management frameworks that are driven by data, anchored on technology platforms. Artificial intelligence, blockchain, and big-data analytics are redefining how policies are priced, how risks are underwritten, and how claims are settled.
The Nigeria’s economy today stands at an inflection point. The Federal Government under President Bola Ahmed Tinubu, has set in motion bold and comprehensive reforms designed to place the nation on the path of sustainable growth and macroeconomic stability.
Across fiscal, monetary, and structural policy fronts, reforms are being implemented to rebuild confidence, attract investment, and stimulate production. As these reforms unfold, one thing becomes clear — no sustainable economic transformation can be achieved without a strong, credible, and innovative insurance sector.
Insurance is a stabilizer. It cushions the shocks that come with enterprise. It sustains families when tragedy strikes. It protects national assets, encourages entrepreneurship, and supports investor confidence. In essence, insurance is the silent engine of a resilient economy.
For Nigeria, the ongoing transformation presents both a challenge and an opportunity. It challenges us to adapt — to embrace digital solutions, enhance regulation, and strengthen consumer confidence.
But it also offers a powerful opportunity: to leapfrog outdated models and build a 21st-century insurance industry from the ground up.
Through NIIRA 2025, we are laying that foundation. 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.
She further stated that the responsibility for driving this transformation rests heavily on your shoulders of the industry directors. As Board members and captains of institutions, you are the custodians of governance and the stewards of strategy. Your decisions determine the sustainability and credibility of the insurance industry.15. This is not the time for complacency; it is a time for courage, foresight, and leadership.I urge you to:Embed the principles of NIIRA 2025 into your organisational culture — making compliance and transparency a shared value, not a regulatory obligation.Prioritise solvency, sustainability, and ethical practice in all governance deliberations. Strong capital positions and sound risk frameworks are the foundation for expansion, stability and trust.Drive digital transformation within your institutions. Technology must no longer be viewed as a luxury; it is now the lifeblood of efficiency, customer satisfaction, and competitiveness.Strengthen enterprise risk management systems to respond effectively to emerging risks — cyber, climate, and geopolitical shocks, amongst others.Champion inclusion and innovation — expand insurance products to underserved populations, farmers, artisans, transport workers, and micro-enterprises.16. We cannot talk about growth without inclusion. The future of insurance lies in reaching those who have been left out for too long. When insurance becomes accessible to all Nigerians — regardless of income, gender, or location — it will truly serve its purpose as a social and economic equaliser. I therefore urge our specialized institutions offering inclusive products to focus on delivering services that will indeed catalyse and meet the needs of the financially excluded segments of our economy.Government’s Support and Policy Alignment17. The Federal Ministry of Finance remains fully aligned with NAICOM’s reform trajectory. Together, we are pursuing a multi-layered approach that connects insurance to national policy priorities.We are working to:Strengthening capital market linkages, enabling insurers to invest more confidently in long-term infrastructure and green finance.Review investment and solvency frameworks to align with macroeconomic stability and protect policyholders.Promote inter-agency collaboration, ensuring synergy between NAICOM, the Securities and Exchange Commission (SEC), the Central Bank of Nigeria (CBN), the Corporate Affairs Commission (CAC), the Federal Road Safety Corps (FRSC), the Nigerian Data Protection Commission (NDPC), and the Economic and Financial Crimes Commission (EFCC).Support financial innovation, through tax incentives, digital platforms, and sandboxes that encourage InsurTech growth. “Our collective goal is clear: to make insurance a pillar of Nigeria’s financial ecosystem — a sector that protects, empowers, and propels economic transformation.”
“As government, we are conscious that policy consistency and collaboration with regulators are essential to sustain this progress. That is why we are ensuring that every reform undertaken by NAICOM is complemented by fiscal support, public awareness campaigns, and cross-sector partnerships.Restoring Trust and Consumer Confidence.”
“A key measure of success for any insurance market is public trust. Without trust, even the most innovative products will fail to reach the people who need them.
“We must continue to build a system where consumers have confidence in our services through prompt claims payments, transparent operations, and responsive services. Directors and regulators alike must ensure that integrity and professionalism are non-negotiable values.
“The Ministry of Finance supports NAICOM’s intensified efforts on prompt claims settlement, market conduct supervision, data protection, and enforcement of compulsory insurance policies.
“These actions are not punitive; they are corrective — designed to protect both the consumer and the industry.
“NIIRA 2025 is not just an Act, it is a reform Framework and a national mission — a mission to rebuild trust, restore relevance, and redefine the place of insurance in our economy and in our daily lives.
“The success of NIIRA 2025 will be measured by the lives protected, impacts on the economy, the jobs secured, and the futures restored. This requires our collective partnerships; the work ahead requires collaboration, patience, and courage.” She stated.
