By Tony Obiechina Abuja
The Commissioner for Insurance and Chief Executive Officer of the National Insurance Commission (NAICOM), Mr. Olusegun Ayo Omosehin, has disclosed that the Federal Government plans to empower over 3.6 million small scale farmers under NIRSAL’s agricultural insurance schemes.
According to him, already, over 1.47 million farmers have been covered under the schemes, adding that in the second quarter of 2025, 250,000 farmers were insured across eight states under federal initiatives.
The NAICOM boss disclosed this in his opening remarks at the 2025 stakeholders retreat of the House Committee on Insurance and Actuarial Matters with the theme: “Navigating the New Era of Insurance Regulation – Understanding the Nigerian Insurance Industry Reform Act 2025”, held in Maiduguri, Borno State
Omesein further disclosed that statistics has it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers—averaging 20 bags/hectare compared to 18 bags/hectare.
According to him, successful programs include, Kaduna ginger farmers who received payouts under the NAGS-AP scheme after suffering over 90% crop loss, adding that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States are reducing farmer-herder conflicts.
He said under NIIRA 2025, NAICOM aims to expand index-based and parametric insurance for crops and livestock, promote bundled insurance products with inputs and credits; create a platform of collaboration for operators to partner with tech firms and agribusinesses to scale digital insurance delivery, and to work with state governments to embed insurance into agricultural extension service.
According to him, the theme of retreat “reflects our collective commitment to building a modern, inclusive, and resilient insurance ecosystem. NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.
“This retreat offers a unique opportunity to:
Deepen understanding of NIIRA 2025’s provisions and implications; Strengthen collaboration between legislators, regulators, and industry players, explore strategic partnerships with state governments in providing appropriate insurance cover for Govt Asset, agriculture, and infrastructure”
He regretted that Nigeria loses billions annually to floods, drought, and other climate shocks, and only a few farmers have insurance.
With your support in budget appropriations and subsidies, we can de-risk agriculture sector, protect livelihoods, and strengthen food security. Disasters and accidents shouldn’t always drain public funds. With insurance, the government can redirect resources to pressing priorities, hence insurance reduces fiscal burden”, he added.
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The Commissioner for Insurance commended the Borno State Governor, Prof Babagana Zulum for consenting to the hosting of retreat in Maiduguri and the Chairman of the House Committee on Insurance and Actuarial Matters. Hon. Jaha, adding that “your leadership has been instrumental in advancing the Nigerian Insurance Industry Reform Act (NIIRA) 2025 and fostering a culture of stakeholder engagement and legislative foresight”
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