The Minister of Agriculture and Food Security, Senator Abubakar Kyari, has revealed that the Nigerian Agricultural Insurance Corporation (NAIC) has provided N700 billion (£415 million) in risk cover to 199,275 farmers over the past two years. 

Speaking at the 2026 ministerial stakeholders’ engagement retreat in Abuja, the Minister revealed that this initiative generated N2.43 billion in premium income and resulted in the payment of N200 million in claims to bolster farmer resilience. 

Kyari emphasised that the federal government’s rigorous efforts to contain food inflation have successfully resulted in a 50 per cent drop in the prices of essential food commodities nationwide, providing much-needed relief compared to previous years when costs skyrocketed beyond the reach of most citizens.

This downward trend in prices is attributed to massive investments and infrastructure developments undertaken between 2024 and 2025. 

Kyari highlighted that the government has distributed over 1.9 million bags of fertilisers to nearly one million farmers and constructed approximately 227km of rural roads to enhance market connectivity. 

Furthermore, the administration has established 10 large-scale integrated processing plants across Nigeria’s six geopolitical zones and launched agribusiness incubation centres at the Federal University, Lokoja, and Michael Okpara University of Agriculture, Umudike. 

These interventions are designed to transition subsistence farmers into thriving commercial agribusinesses while improving the overall competitiveness of the sector.

To further empower smallholder farmers, the federal government has granted a N250 billion (£150 million) facility to the Bank of Agriculture (BOA) to provide credit at single-digit interest rates. 

Senator Kyari also noted the success of the National Agricultural Quarantine Service (NAQS) in certifying 30 key agro-commodities for export, ensuring compliance with global phytosanitary standards and opening doors to lucrative international markets. 

While stakeholders at the event urged the government to prioritise agricultural funding even above security spending to naturally reduce unrest through job creation, the Minister reaffirmed that the current strategic focus on 15 key value chains, including rice, wheat, and oil palm, is firmly positioning Nigeria as a major player in the global agricultural market.

Source: This Day Live
Image Credit: Independent.ng