In a bid to strengthen food security and protect smallholder farmers, the National Insurance Commission (NAICOM) and the Federal Ministry of Agriculture and Food Security have announced a strategic partnership to accelerate the growth of agricultural insurance in Nigeria.
The Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi, disclosed that the collaboration would fast-track reforms in the agricultural insurance ecosystem through policy alignment, inclusivity, and the creation of an enabling environment for productivity. He made this known during a courtesy visit by a NAICOM delegation led by its Chief Executive Officer, Mr. Olusegun Omosehin, in Abuja.
Abdullahi explained that the partnership would leverage the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to modernize the sector and facilitate data-driven solutions. He noted that the Ministry’s Data Analytics would support index insurance schemes, thereby enhancing food security.
Highlighting the importance of cooperative societies, the Minister stressed that insurance for cooperatives must align with global best practices while preserving their integrity and governance structures. “Studies have shown that most of the countries that have stable economic performance actually have very viable cooperatives,” he said.
He further emphasized that the initiative aligns with President Tinubu’s Renewed Hope Agenda, which calls for harmonized policies across all sectors. Abdullahi revealed that discussions are underway to establish a Memorandum of Understanding between the Ministry and NAICOM, focusing on the Nigerian Agricultural Insurance Corporation (NAIC) and cooperative reform.
In his remarks, NAICOM CEO Olusegun Omosehin affirmed that the partnership supports the administration’s agenda on peace, security, and economic stability. He noted that NAIC, the country’s specialized agricultural insurer under the Ministry’s purview, plays a fundamental role in protecting smallholder farmers and strengthening food security resilience.
“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,” Omosehin stated.
By Ngozi Nwankwo, Abuja
