Nigeria’s Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi has advocated for the recapitalisation of the Nigeria Agricultural Insurance Corporation (NAIC) to boost farmers’ livelihood, achieve food sovereignty and ensure finance-enabled agrifood systems.
The Minister made this known during a courtesy visit to the Minister of State for Finance, Dr. Doris Uzoka-Anite, at the Ministry of Finance office in Abuja.
Abdullahi stated that it would build the institutional capacity to offer more innovative, technology-driven products that restore public trust and attract private sector investment.
He added that “by strengthening its capital base, NAIC would expand insurance coverage to more smallholder farmers, mitigate risks associated with climate change and disasters”.
The Minister pointed out that there is a need to consider granting an exemption to enable the agency to operate in line with industry standards for insurance firms and maintain the capacity to pay claims as and when due, thereby keeping it in business.
He stressed the need to support the Renewed Hope Cooperative Revamping and Reform Programme in line with the President’s drive for ian nclusive agricultural ecosystem.
In his words, ‘the revamping programme is designed to review the legal framework, particularly the Nigerian Cooperative Societies Act, and bring it up to date in terms of compliance with the digital economy’’.
He revealed the seven strategic pillars of the revamping programme to include; legal and regulatory reform; digitalisation, the establishment of a national cooperative database, cooperative financing and credit access, the establishment of the Cooperative Bank of Nigeria, among others.
In her remarks, the Minister of State for Finance, Dr. Doris Uzoka-Anite, stated that issues relating to food security and economic growth are critical to the Renewed Hope Agenda of Mr. President.
She added that strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, is critical to improving resilience and financial sustainability.
She revealed that ‘’these strategic reforms, underscore Nigeria’s commitment to transforming agriculture into a resilient, market-driven sector, boost food security, and inclusive economic growth’’.