By Agrobroadcast Team
A new push to strengthen Nigeria’s agricultural risk management framework is underway, as the Federal Ministry of Agriculture and Food Security moves to harmonise policies with the National Insurance Commission (NAICOM) to reform cooperatives and reposition the National Agricultural Insurance Corporation (NAIC).
The Minister of State for Agriculture and Food Security, Sen. Aliyu Abdullahi, disclosed this during a courtesy visit by a NAICOM delegation in Abuja, stressing that structured collaboration and regulatory alignment are vital to national development.
Abdullahi underscored the importance of extending insurance coverage to cooperative societies in line with international best practices, noting that such reforms must preserve the foundational principles of cooperatives, including integrity, accountability and sound governance.
He explained that vibrant cooperative systems are central to economic diversification and the empowerment of smallholder farmers.
According to him, global evidence shows that countries with stable economic performance often have strong and well-organised cooperative movements.
The minister linked the reform agenda to President Bola Tinubu’s vision of building a one-trillion-dollar economy, emphasising that the administration’s Renewed Hope Agenda prioritises policy harmonisation and improved governance across all sectors.
Describing the engagement as a significant milestone, Abdullahi said the ministry was committed to forging a robust technical partnership with NAICOM to drive reforms in agricultural insurance and cooperative development.
He revealed plans to formalise the collaboration through a Memorandum of Understanding between the ministry and NAICOM, particularly in relation to restructuring NAIC and modernising cooperative frameworks.
Earlier, NAICOM’s Chief Executive Officer, Mr. Olusegun Omosehin, said the commission’s visit was aimed at deepening institutional collaboration to revitalise NAIC and reposition cooperatives as strategic vehicles for economic stability.
Omosehin noted that NAIC, as the country’s specialised agricultural insurer operating under the ministry’s supervision, plays a critical role in safeguarding smallholder farmers against production risks and enhancing food security resilience.
He stressed that aligning regulatory and agricultural policies would enable NAIC to operate more effectively and fulfil its mandate.
According to him, strengthening the corporation is essential to optimising food production and supporting broader national goals of peace, security and economic growth.