I have a new Nikon 5500 and purchased lightroom 5 thinking it had updates for accepting raw images. Has this happened with lightroom 5?
No, and it won't happen. There will be no more updates to Lightroom 5. You have several choices, though.
1. Upgrade to Lightroom 6 (standalone).
2. Upgrade to Lightroom CC (creative cloud and includes Photoshop, $10/month US).
3. Download and install the latest DNG converter and use it to create DNG copies that can be used in Lightroom 5.
4. Purchase and install Photoshop Elements 13.
5. Use the ViewNX software that was included with the camera.