Agric Ministry to partner NAICOM on Agro-Insurance growth in Nigeria
The Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi has said that strategic partnership would fast track development in the agricultural insurance ecosystem through alignment of policies, reforms, inclusivity, and enabling environment for economic opportunities and productivity.
In a statement by Ezeaja Ikemefuna, FMAFS’s Head of Information, the Minister made this disclosure when the Chief Executive Officer,
National Insurance Commission (NAICOM)
Mr. Olusegun Omosehin, led a delegation on a courtesy visit to his office in Abuja
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Honourable Minister of State, Senator Aliyu Abdullahi addressing guests at the Visit
Abduallahi stated that the collaboration aims to accelerate reforms, particularly by leveraging the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to modernize the sector and provide an enabling environment for economic opportunities and productivity in the agricultural sector.
He added that the partnership would facilitate data-driven solutions through the Ministry’s Data Analytics to support index insurance and enhance food security.
The Minister who stressed the importance of insurance for cooperative societies, in line with global best practices, added that it must be done without losing the cooperative identity regarding its value in terms of integrity, governance among others.
“Studies have shown that most of the countries that have stable economy performance actually have very viable cooperatives.
“The Renewed Hope Agenda of President Tinubu is clear- to improve governance, every sector should harmonize policies’’.Abdullahi said
He added that the meeting was a milestone event that would strengthen collaboration with the Commission.
‘’The Ministry required a strong technical working relationship with NAICOM to transform the food system, we are looking at having a Memorandum of Understanding between the Ministry and NAICOM regarding Nigerian Agricultural Insurance Corporation (NAIC) and cooperative reform’’. He noted
In his remarks, NAICOM’s Chief Executive Officer, Mr. Olusegun Omosehin, highlighted that the initiative aligns with the present Administration’s Agenda on peace, security and economic stability.
According to him, NAIC – Nigeria’s specialized agricultural insurer, operating under the Ministry’s oversight, plays a crucial role in safeguarding smallholder farmers and enhancing food security resilience.
Omosehin stressed that “the visit is basically to reveal our partnership to align policies in the agricultural space, such that we can jointly elevate NAIC to a level that it can deliver on its mandate.
