Tinubu’s Insurance Reform Hands Lifeline To Nigerian MSMEs: ‘Survival Is No Longer About Luck’ – ACCI
Dr. Nafisat Makinde
ABUJA, August 7, 2025
In a development that could redefine the future of small businesses in Nigeria, President Bola Ahmed Tinubu has signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025 — a sweeping reform that experts say may finally place insurance where it belongs: at the centre of business survival.
Speaking on Wednesday, August 6, 2025, in Abuja, the President of the Abuja Chamber of Commerce and Industry (ACCI), Chief Emeka Obegolu, SAN, PhD, hailed the signing as a landmark achievement and a financial game-changer for Nigeria’s struggling Micro, Small and Medium Enterprises (MSMEs).
“This reform comes at a time when MSMEs are gasping for breath in a volatile economic climate,” Chief Obegolu said. “The NIIRA 2025 doesn’t just fix policies — it gives small businesses a financial airbag. Insurance is no longer a luxury. For any business owner serious about continuity, it has become a survival kit.”
The new Act, signed into law by President Tinubu earlier this week at the Presidential Villa, Abuja, introduces robust provisions aimed at transforming Nigeria’s underdeveloped insurance sector into a tool for economic resilience. Key provisions include enhanced capital requirements for insurance operators, mandatory compliance with compulsory insurance schemes, digitisation of services for transparency and ease of access, the establishment of policyholder protection funds, zero tolerance for delays in claims settlement, and expanded regional collaboration through the ECOWAS Brown Card Scheme.
Chief Obegolu, who also leads the Organised Private Sector (OPS) in the Federal Capital Territory and surrounding regions, said the Act comes at a pivotal moment when many Nigerian businesses are one unforeseen shock away from collapse.
“Insurance literacy is now an economic necessity. We are calling on MSMEs, traders, service providers and manufacturers to integrate insurance into their risk strategy,” he said. “This Act aligns with President Tinubu’s $1 trillion economy vision by strengthening business confidence and inviting foreign investment into a safer, better-regulated insurance sector.”
He further assured that ACCI will launch targeted awareness campaigns, working closely with the National Insurance Commission (NAICOM) and other key stakeholders to promote adoption and understanding of the new law.
“This is not just about insurance companies. It’s about millions of entrepreneurs whose survival can no longer rely on hope and prayer. With NIIRA 2025, we now have a framework to protect the hustle,” he added.
As Nigeria looks to deepen insurance penetration, currently estimated at below 2%, this reform could mark the beginning of a cultural and commercial shift — one where every entrepreneur, no matter how small, has a financial fallback.