Announcing the decision in Abuja, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said every building, whether public or private, must now be insured against risks such as fire, collapse and other hazards. He explained that the measure is designed to ensure that victims of disasters are not left without support when tragedy strikes.
“This is about saving lives and safeguarding investments. Too often, families and businesses suffer huge losses from fires, building collapses and other accidents. With this policy, there will be compensation and relief for victims,” Edun said.
The National Insurance Commission has been tasked with immediate enforcement, working closely with state governments. Officials warned that building owners who fail to comply may face stiff penalties, including fines or the sealing of uninsured properties.
Reactions to the policy have been largely positive. Analysts point out that Nigeria has one of the lowest insurance adoption rates in Africa despite a troubling record of building collapses and fire incidents. They believe the policy could mark a turning point for the industry while also offering ordinary Nigerians some financial protection in times of crisis.
For many, the move is long overdue. “It is not just about regulations,” one Abuja resident said, “it is about ensuring that when disaster happens, people have something to fall back on.”
The government has urged citizens to embrace the policy, describing it as an investment in safety and stability rather than an additional burden.
