The National Insurance Commission (NAICOM) and the Ministry of Agriculture held a high-level meeting to align policies, deepen collaboration, and accelerate reforms that will strengthen agricultural insurance, protect smallholder farmers, and support the current Administration’s food security agenda.
This was discussed during the visit of the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin to the Honourable Minister of State for Agriculture and Food Security Sen. Dr. Aliyu Sabi Abdullahi in his Office at the Federal Ministry in Abuja.
The meeting highlighted the central role of agricultural insurance in protecting farmers and building resilience against natural disasters and climate shocks— indispensable elements of food security. With commercial insurers covering only a limited share of agricultural risk, NAIC as the specialized agricultural insurance institution remains vital, and germane to the discuss is that NAIC must be elevated and restructured to operate effectively within the new insurance architecture established by NIIRA.
The two bodies pledge to gather, validate, and govern agricultural data critical for index insurance and other parametric solutions. Both parties emphasized the need for capacity building to strengthen technical expertise across the sector.
These actions aim to expand financial protection for smallholder farmers, reduce vulnerability to climate and disaster risk, attract investment into agriculture by reducing risk exposure, and contribute to the Administration’s objective of a resilient, inclusive agricultural sector and broader economic growth.
Both bodies pledged to gather, validate, and govern agricultural data critical for index insurance and other parametric solutions. Both parties emphasized the need for capacity building to strengthen technical expertise across the sector.
