By Stella Odueme
The Minister of State for Agriculture and Food Security, Sen. Dr. Aliyu Sabi Abduallahi has said that strategic partnership would fast track development in the agricultural insurance ecosystem through alignment of policies, reforms, inclusivity and enabling environment for economic opportunities and productivity.
The Minister made this disclosure during the courtesy visit by the National Insurance Commission (NAICOM) delegation led by the chief executive officer, Mr. Olusegun Omosehin, in Abuja.
Abduallahi stated that the collaboration aims to accelerate reforms, particularly by leveraging the Nigerian Insurance Industry Reform Act (NIIRA) 2025 to modernize the sector and provide an enabling environment for economic opportunities and productivity in agricultural sector.
He added in a statement by the Head, Department of Information, Ezeaja Ikemefuna on Monday that the partnership would facilitate data-driven solutions through the Ministry’s Data Analytics to support index insurance and enhance food security.
He said insurance for cooperative societies was essential, in line with global best practices, this must be done without losing the cooperative identity regarding its value in terms of integrity, governance among others.
“Studies have shown that most of the countries that have stable economy performance actually have very viable cooperatives. The Renewal Hope Agenda of President Tinubu is clear- to improve governance, every sector should harmonize policies’’.
He stated that the meeting was a milestone event and it would strengthen collaboration with the commission.
‘’The ministry required a strong technical working relationship with NAICOM to transform the food system, we are looking at having a Memorandum of Understanding between the Ministry and NAICON regarding Nigerian Agricultural Insurance Corporation (NAIC) and cooperative reform’’.
In his remarks, NAICOM, Chief Executive Officer, Mr. Olusegun Omosehin, stated that the initiative aligned with the administration’s agenda on peace, security and economic stability.
He pointed out that NAIC, is the country’s specialized agricultural insurer and under the ministry’s purview.
