The Minister of State for Agriculture and Food Security, Sen. Dr Aliyu Sabi Abdullahi, has partnered with the National Insurance Commission (NAICOM) will fast-track development in the agricultural insurance ecosystem through policy alignment and the creation of an enabling environment for productivity.
The Minister made this disclosure during a courtesy visit by a NAICOM delegation, led by the Chief Executive Officer, Mr. Olusegun Omosehin, held in Abuja recently.
Abdullahi stated that the collaboration will accelerate reforms, particularly by leveraging the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to modernise the sector.
According to the Minister, the partnership would facilitate data-driven solutions by using the Ministry’s Data Analytics to support index insurance and enhance national food security.
He further noted that providing insurance for cooperative societies was essential and must align with global best practices without compromising the integrity and governance of the cooperatives.
“Studies have shown that most of the countries that have stable economic performance actually have very viable cooperatives,” Abdullahi said.
He revealed that the Renewed Hope Agenda of President Tinubu was clear in its intent to improve governance through the harmonisation of policies across every sector.
The Minister described the meeting as a milestone and expressed the need for a strong technical working relationship with NAICOM to transform the food system.
He confirmed that the Ministry was looking at establishing a Memorandum of Understanding (MoU) with the commission regarding the Nigerian Agricultural Insurance Corporation (NAIC) and cooperative reforms.
In his remarks, NAICOM CEO Mr. Olusegun Omosehin stated that the initiative aligned with the current administration’s agenda on peace, security, and economic stability.
He pointed out that NAIC remained the country’s specialised agricultural insurer under the Ministry’s purview and played a fundamental role in protecting smallholder farmers.
“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 stressed.
Source: Champion News
Image Credit: The Fact Daily
