Insurance Regulators Unite To Boost Farmers’ Confidence, Food Security

The federal government has stepped up efforts to strengthen the agricultural sector as the Nigerian Agricultural Insurance Corporation (NAIC) and the National Insurance Commission (NAICOM) agreed to deepen collaboration to expand agricultural insurance, boost farmers’ confidence and enhance national food security.

The renewed partnership was sealed during a strategic working visit by the minister of State for Agriculture and Food Security, Senator Aliyu Sabi Abdullahi, who led the managing director and chief executive officer of NAIC, Hon. Yazeed Shehu Danfulani, to the headquarters of NAICOM in Abuja.

The delegation was received by the commissioner for Insurance and chief executive officer of NAICOM, Mr Olusegun Ayo Omosehin, during a high-level meeting focused on strengthening agricultural insurance as a critical tool for protecting farmers, attracting investment and driving sustainable economic growth.

The meeting comes as the government intensifies efforts under President Bola Tinubu’s Renewed Hope Agenda to build a resilient agricultural sector capable of improving food production and reducing farmers’ exposure to production risks.

The two agencies discussed measures to expand agricultural insurance coverage nationwide, improve policy coordination, increase insurance penetration among farmers and develop innovative insurance products tailored to the realities of modern farming.

They also considered strategies to shield farmers from the effects of climate change, floods, drought, pests, diseases and other challenges that continue to threaten agricultural productivity across the country.

Speaking during the engagement, the officials reaffirmed their commitment to building an inclusive and sustainable agricultural insurance framework that would reduce farmers’ financial vulnerabilities, encourage investment and strengthen Nigeria’s food production capacity.

They said closer collaboration between NAIC and NAICOM would also support the Federal Government’s drive to achieve food security and sustainable economic development.

Political and industry observers described the engagement as a strategic milestone in ongoing efforts to reposition Nigeria’s agricultural sector through stronger institutional partnerships and effective risk management.

According to them, enhanced cooperation between the two agencies would inspire greater confidence among farmers, financial institutions, investors and other stakeholders within the agricultural value chain.

Observers also commended the leadership of Danfulani, noting that his tenure at NAIC has focused on institutional reforms, stakeholder engagement and operational efficiency since his appointment by President Tinubu.

Supporters said his proactive engagement with regulatory institutions was helping to reposition NAIC as a more responsive agency committed to expanding agricultural insurance and protecting farmers’ investments.

They added that the visit to NAICOM demonstrated the corporation’s resolve to build stronger partnerships capable of improving farmers’ access to insurance, promoting resilience in the agricultural sector and contributing to national economic growth.