Abuja: The Federal Ministry of Agriculture and Food Security has pledged to partner with the National Insurance Commission (NAICOM), Nigeria’s insurance regulatory body, to align policies and reform the National Agricultural Insurance Corporation (NAIC), which provides agricultural insurance.
The Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, gave the assurance during a courtesy visit by a delegation from NAICOM on Friday in Abuja.
Abdullahi emphasised that partnership, collaboration, and policy alignment were essential for national progress.
He stressed that insurance coverage for cooperative societies was vital, in accordance with international standards.
He noted this should be accomplished while preserving cooperative identity, including its core values such as integrity and governance.
He said this was crucial for diversifying the economy and supporting small-scale producers.
He added that economically stable countries often have strong cooperatives.
He said the goal is to contribute to President Bola Tinubu’s ambition for a one-trillion-dollar economy.
He stated that the Renewed Hope Agenda requires harmonising sector policies to improve governance.
He regarded the meeting as a significant milestone and affirmed the ministry’s readiness to deepen collaboration with the commission.
Abdullahi said the ministry seeks a strong technical relationship with NAICOM to transform the food system.
He stated that a Memorandum of Understanding with NAICOM is planned regarding NAIC and cooperative reform.
The Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, explained that the visit aimed to forge a partnership to revitalise NAIC and cooperatives.
Omosehin said the initiative supports the administration’s push for stability.
He said NAIC, the country’s specialised agricultural insurer, was under the ministry’s supervision. NAIC provides insurance services specifically for the agricultural sector.
According to him, NAIC plays a fundamental role in protecting smallholder farmers and strengthening food security resilience.
He said these objectives demand policy alignment to achieve results in the agricultural sector.
He said, “The visit is to confirm our partnership to align agricultural policies, so that together, we can elevate NAIC’s capacity to fulfil its mandate.
He emphasised that optimising NAIC is crucial to achieving Nigeria’s food production and security goals, underscoring the nation’s commitment to elevating its agricultural sector.
