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Nigeria-based African Reinsurance Corp. said that local insurers will need 261.5 billion Nigerian naira ($725 million) to meet new capital requirements, The Nation reported. Nigeria's insurance regulator told nonlife insurers to increase their minimum capital to NGN 10 billion from the current NGN 3 billion and reinsurers to raise their capital base to NGN 20 billion from NGN 10 billion before June 2020.