By Bassey Udo
To mitigate agricultural risks and ensure the stability of the nation’s economy, the Federal Government must continue to strengthen the Nigerian Agricultural Insurance Corporation (NAIC), the Minister of State for Finance, Dr Doris Uzoka-Anite has said.
Apart from the capacity to unlock the potentials of the agricultural sector of the economy, a strong NAIC could boost the food security drive of the present administration.
The Minister spoke in Abuja when receiving her counterpart in the Federal Ministry of Agriculture, Aliyu Sabi Abdullahi, who visited her in her office in Abuja.
to unlock game-changing reforms in agricultural insurance and Cooperatives.
The thrust of discussions by the two ministers was on two strategic initiatives of the present administration centring on reforms and the recapitalization of the Nigerian Agricultural Insurance Corporation (NAIC) to empower it to play its roles effectively and the Renewed Hope Cooperative Reform Programme.
Dr Uzoka-Anite noted the pivotal role agricultural insurance plays in de-risking food production processes in the country, particularly for smallholder farmers who form the backbone of Nigeria’s food production and supply system.
She said strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, was critical to improve the nation’s economic resilience and financial sustainability.
“At the Ministry of Finance, we view agricultural risk mitigation not merely as a key sectoral reform, but also as a strategic economic stabilizer with a significant potential impact on the nation’s gross domestic product (GDP),” the Minister said.
“We stand ready to provide the necessary support to strengthen NAIC towards achieving this goal. We look forward to reviewing the detailed proposal for coordinated fiscal and regulatory action towards this agenda,” she added.
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.
