Tinubu's Insurance Reforms Boost Nigeria's Economic Confidence

On October 6, 2026, Hon. Philip Agbese, Deputy Spokesperson of the House of Representatives and a member of the Labour Party from Benue State, commended President Bola Tinubu as the “father of modern insurance reforms” in Nigeria. He highlighted the implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025 as a significant step in restoring international confidence in Nigeria's economy.

Agbese noted that the reform provides a legal and regulatory foundation for a stronger, competitive insurance industry, emphasizing capital adequacy, corporate governance, consumer protection, and regulatory oversight. He acknowledged the completion of the industry's recapitalisation exercise, which NAICOM reported had strengthened financial resilience and attracted investments.

Agbese praised Mr. Olusegun Ayo Omosehin, Commissioner for Insurance and CEO of NAICOM, for effective leadership in implementing NIIRA, which consolidates Nigeria's insurance laws and introduces a flexible framework for the market. He urged continued engagement with industry stakeholders to ensure improved services and wider insurance penetration.