NAICOM, Agric Ministry Forge Alliance to Revolutionise Farmer Insurance

By Linda Ike

The National Insurance Commission (NAICOM) and the Ministry of Agriculture and Food Security have pledged a strategic partnership to bolster agricultural insurance, safeguard small holder farmers, and advance the administration’s food security goals.

Commissioner for Insurance, Olusegun Omosehin met with Minister of State for Agriculture, Aliyu Abdullahi at the Federal Ministry in Abuja, aligning policies and accelerating reforms under the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

Key Agreements include: Modernise the Nigerian Agricultural Insurance Corporation (NAIC) within NIIRA’s framework to enhance protection across the agricultural value chain, Commit to policy alignment, positioning NAIC as Nigeria’s primary specialised agricultural insurer, Launch the Ministry’s Federal Department of Agricultural Data Analytics to support index-based and parametric insurance solutions, Establish joint technical working groups and capacity-building programs for sector expertise.

These steps aim to cut farmers’ vulnerability to climate risks and disasters, draw investment by mitigating exposures, and build a resilient agricultural economy.

NAICOM emphasised agricultural insurance’s pivotal role, given limited commercial coverage.