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The Minister of State, Federal Ministry of Agriculture and Food Security (FMAFS) Sen. Abdullahi Sabi Abdullahi has called for financial galvanization of the Nigerian Agricultural Insurance Corporation (NAIC) towards security of farms' produce.
The minister said this in a press statement issued yesterday ( 23rd February 2026) by the FMAFS information officer, Mrs. M Obe Mabel after a visit to the Minister of State for Finance, Doris Uzoka-Anite at the Federal Ministry of Finance headquarters in Abuja.
The two ministers in the statement were said to have discussed how to strengthen agricultural risk management and improve access to insurance for farmers.
Abdullahi said in the press release that the NAIC re-capitalization would enhance the financial strength of the organization towards providing more agricultural covers for farmers to ensure food security.
The statement quoted Sen. Abdullahi saying that the capitalization would strengthen the capital base of NAIC, expand insurance coverage to more small holder farmers, mitigate risks associated with climate change and disasters.
Also the press release pointed out that NAIC must be positioned to operate in line with industry standard as an insurance firm having capacity to pay claims as at when due.
The Minister of State for Finance, Dr. Doris Uzoka-Anite also in the statement stated that issues relating to food security and economic growth are critical to the Renewed Hope Agenda of Mr. President, adding that strengthening NAIC within the evolving regulatory landscape of Insurance Industry Reform Act was critical to improving resilience and financial sustainability.
i am happy with this development
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