Monday

 

The signing of the performance contract of PMS and presentations of medals during the meeting

   

 

The Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abdullahi has advocated for the recapitalization of the Nigeria Agricultural Insurance Corporation (NAIC) to boost farmer’s livelihood, achieve food sovereignty and ensure finance enabled agrifood systems.

The Minister made this known during a courtesy visit to the Minister of State for Finance, Dr. Doris Uzoka-Anite, at the Ministry of Finance office in Abuja, recently.

Abdullahi stated that it would build the institutional capacity to offer more innovative, technology driven products that restores public trust and attract private sector investment.

He added that by strengthening its capital base, NAIC would expand insurance coverage to more smallholder farmers, mitigate risks associated with climate change and disasters.

The Minister pointed out that there is a need to consider granting an exemption to enable the agency to operate in line with industry standards for insurance firms and maintain the capacity to pay claims as and when due, thereby keeping it in business.
He stressed the need to support the Renewed Hope Cooperative Revamping and Reform Programme in line with the President’s drive for inclusive agricultural ecosystem.

In his words, ‘the revamping programme is designed to review the legal framework, particularly the Nigerian Cooperative Societies Act, and bring it up to date in terms of compliance with the digital economy’’.

He revealed the seven strategic pillars of the revamping programme to include; legal and regulatory reform; digitalization, the establishment of a national cooperative database, cooperative financing and credit access, the establishment of the Cooperative Bank of Nigeria, among others.

In her remarks, the Minister of State for Finance, Dr. Doris Uzoka-Anite, stated that issues relating to food security and economic growth are critical to the Renewed Hope Agenda of Mr. President.

She added that that strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, is critical to improving resilience and financial sustainability.

She revealed that ‘’these strategic reforms, underscore Nigeria’s commitment to transforming agriculture into a resilient, market-driven sector, boost food security, and inclusive economic growth’’.

The Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abduallahi 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.

The Minister made this disclosure during the courtesy visit by the National Insurance Commission (NAICOM) delegation led by the chief executive officer, Mr. Olusegun Omosehin, held in Abuja, recently.

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 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.
He said insurance for cooperative societies was essential, in line with global best practices, this must be done without losing the cooperative identity regarding its value in terms of integrity, governance among others.

The Minister pointed out that “Studies have shown that most of the countries that have stable economy performance actually have very viable cooperatives’’.

 

He revealed that “the Renewal Hope Agenda of President Tinubu is clear- to improve governance, every sector should harmonize policies’’.

He stated that the meeting was a milestone event and it would strengthen collaboration with the commission.

According to him ‘’ 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 NAICON regarding Nigerian Agricultural Insurance Corporation (NAIC) and cooperative reform’’.

In his remarks, NAICOM, Chief Executive Officer, Mr. Olusegun Omosehin, stated that the initiative aligned with the administration’s agenda on peace, security and economic stability.

He pointed out that NAIC, is the country’s specialized agricultural insurer and under the ministry’s purview.
According to him, ‘’NAIC plays a fundamental role in protecting smallholder farmers and strengthening food security resilience.

He 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.