The National Insurance Commission (NAICOM), has moved several steps upfront with the launch of a comprehensive Implementation Strategy for the National Insurance Industry Reform Agenda (NIIRA) 2025, grouped into three core working groups to drive the structured and coordinated execution of NIIRA’s objectives across the insurance value chain.
At a high-level strategy meeting held in Abuja, the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, said the strategy is to establish a holistic roadmap for regulatory reform, financial inclusion, digital transformation, and compulsory insurance enforcement. Its implementation aims to align Nigeria’s insurance industry with international standards while improving public confidence and economic resilience through risk protection.
Speaking further, he said, “This marks the beginning of a coordinated journey toward achieving a stronger, more transparent, and technology-driven insurance industry. The NIIRA 2025 is not just a regulatory document—it is a blueprint for building an insurance sector that protects lives, businesses, and investments across Nigeria.”
He further underscored that the new working groups would serve as engines of reform, ensuring that critical policy objectives are translated into measurable outcomes. The three musketeers holding the helm at the working groups are; Mr. Shola Tinubu, chairs the compulsory insurance working group, Ms Adetola Adegbayi, is at helm of digitisation working group while the financial inclusion working group is chaired by Dr. Yeside Oyetayo.
The Commissioner also commended stakeholders for their dedication and expressed confidence that the new implementation structure would fast-track industry-wide reforms. He highlighted that the success of NIIRA 2025 depends on active collaboration among regulators, operators, and consumers.
“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 added.
Also speaking at the event, senior management representatives from NAICOM emphasized the importance of maintaining strong communication channels and measurable benchmarks. They reiterated that the Commission will continuously monitor progress, publish periodic updates, and engage with operators to ensure accountability throughout the implementation process.
Featured Picture:From left: Mr. Ekerete Ola Gam-Ikon – Dep. Commissioner for Insurance Finance & Admin, Adetola Adegbayi, Mr. Shola Tinubu, Mr. Olusegun Ayo Omosehin- CFI, Dr. Yeside Oyetayo and Mr. Ajibola Bankole – Director Inspectorate
