FG unlocks game-changing reforms in Agricultural Insurance

The Federal Government has unlocked game-changing reforms in agricultural insurance and Cooperatives.

In a statement released which stated that this unlocking was done on Monday when the Minister of State for Finance Dr Doris Uzoka-Anite in her office in Abuja received the Minister of State for Agriculture, Aliyu Sabi Abdullahi.

Discussions focused on two strategic initiatives: reform and recapitalization of the Nigerian Agricultural Insurance Corporation and the Renewed Hope Cooperative Reform Programme.

During the meeting, Dr Uzoka-Anite stated that Agricultural insurance plays a pivotal role in de-risking food production, particularly for smallholder farmers who form the backbone of Nigeria’s food system.
She emphasized that strengthening NAIC within the evolving regulatory landscape, including the Nigerian Insurance Industry Reform Act, is critical to improving resilience and financial sustainability.

At the Ministry of Finance, Dr Uzoka-Anite said, “we view agricultural risk mitigation not merely as sectoral reform but as an economic stabilizer with significant GDP impact.
“We stand ready to support and look forward to reviewing the detailed proposal for coordinated fiscal and regulatory action”.

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.