The Federal Government has disclosed plans to introduce sweeping reforms in agricultural insurance and Cooperatives to boost food security in the country.
Minister of State for Finance, Dr Doris Uzoka-Anite, disclosed this on Monday, while receiving the Minister of State for Agriculture, Aliyu Sabi Abdullahi in her office.
According to a statement made available by the Ministry of Finance, discussions focused on two strategic initiatives: reform and recapitalization of the Nigerian Agricultural Insurance Corporation and the Renewed Hope Cooperative Reform Programme.
Dr Uzoka-Anite, was quoted in the statement to have 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, was 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.
