Nigeria: NAICOM Sets Up Working Groups to Drive NIIRA 2025 Implementation

The National Insurance Commission (NAICOM) has announced the rollout of its implementation framework for the National Insurance Industry Reform Agenda (NIIRA) 2025, marking the next phase of Nigeria’s push toward modernizing and strengthening its insurance sector.

The strategy was unveiled during a high-level session in Abuja, where the Commissioner for Insurance, Olusegun Omosehin, inaugurated three key working groups to operationalize the reform agenda across the insurance value chain.

Signed into law in July, NIIRA 2025 outlines a comprehensive roadmap focused on regulatory modernization, digital transformation, compulsory insurance enforcement, and expanding insurance access to underserved communities.

Speaking at the unveiling, Omosehin noted that the implementation phase would be driven by data, collaboration, and clear performance outcomes.

“This marks the start of a coordinated journey to build a stronger, more transparent, and technology-enabled insurance industry,” he said. “NIIRA 2025 is not just a regulatory document; it is a blueprint for safeguarding lives, businesses, and national assets.”

The newly formed working groups include:

• Compulsory Insurance Working Group, chaired by Shola Tinubu, with a mandate to strengthen enforcement and adoption of compulsory insurance policies including motor third-party, builders’ liability, group life, professional indemnity, and insurance for public buildings.

• Digitisation Working Group, led by Adetola Adegbayi, tasked with modernizing the insurance regulatory landscape through digital platforms and innovative supervisory tools.

• Financial Inclusion Working Group, chaired by Dr. Yeside Oyetayo, focused on expanding insurance penetration, particularly among underserved, informal, and low-income groups.

Omosehin commended industry stakeholders for their collaboration and expressed confidence in the reform roadmap.

“The success of NIIRA depends on our collective resolve. This is a shared responsibility, and the outcomes must reflect a sector that supports economic stability and national development,” he said.

The implementation is expected to reshape market operations, improve consumer trust, and accelerate insurance uptake across the country.