The Nigerian government has held discussions focussed on two strategic initiatives: reform and recapitalisation of the Nigerian Agricultural Insurance Corporation (NAIC) and the Renewed Hope Cooperative Reform Programme.
Minister of State for Finance, Dr Doris Uzoka-Anite and Minister of State for Agriculture, Aliyu Sabi Abdullahi, met last week to deliberate the reforms in agricultural insurance and cooperatives, reported African Press Agency.
Dr Uzoka-Anite emphasised that strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, is critical to improving resilience and financial sustainability.
According to her, many farmers are exposed to risks such as floods, droughts, pests and market shocks, which can wipe out their investments and threaten the nation’s food supply.
*We view agricultural risk mitigation not merely as sectoral reform but as an economic stabiliser with significant GDP impact. We stand ready to support and look forward to reviewing the detailed proposal for coordinated fiscal and regulatory action,” she said.
These strategic reforms, the minister added, underscore Nigeria’s commitment to transforming agriculture into a resilient, market-driven sector, boosting food security, and driving inclusive economic growth.
Her ministry said in a statement that the combined reforms in agricultural insurance and cooperatives are designed to reduce risks in farming, attract investment into agriculture and support inclusive economic growth, especially in rural communities where farming remains the main source of livelihood.