The National Insurance Commission, NAICOM, says more than 1.47 million smallholder farmers across Nigeria have been covered under agricultural insurance schemes.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin disclosed this in Maiduguri at the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters.
The retreat had as its theme, ‘Navigating the New Era of Insurance Regulation – Understanding the Nigerian Insurance Industry Reform Act 2025.’
Omosehin, in a statement on Sunday, said the insurance coverage was facilitated by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending, NIRSAL.
He said the initiative aimed to strengthen resilience and productivity in agriculture, targeting a total of 3.6 million farmers by 2026.
According to him, about 250,000 farmers were insured across eight states in the second quarter of 2025 under various federal agricultural insurance schemes.
He said agricultural insurance had begun to show clear impacts on productivity across farming communities nationwide.
“Recent statistics show that over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.
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“In the second quarter of 2025, 250,000 farmers were insured across eight states under federal initiatives.
“In North Central Nigeria, insured rice farmers recorded 11 per cent higher productivity than uninsured peers, averaging 20 bags per hectare compared to 18 bags,” he said.
Omosehin also highlighted successful programmes such as Kaduna ginger farmers who received payouts under the NAGS-AP scheme after losing over 90 per cent of their crops.
He added that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States had helped reduce farmer-herder conflicts.
Omosehin described agriculture as the backbone of Nigeria’s rural economy and a pillar of food security, yet one of the sectors most exposed to climate shocks and market volatility.
He said insurance provided a vital tool to de-risk agriculture and empower farmers to invest confidently.
Omosehin called for stronger collaboration among lawmakers, regulators, and stakeholders to ensure the effective implementation of the NIIRA 2025.
He said the new law consolidated fragmented legislations into a modern framework that empowers regulators, protects consumers, and promotes innovation in the insurance industry.
“The law has been passed, but the real work has just begun. We urge the committee to ensure MDAs comply with compulsory insurance provisions.
“We also seek your support to harmonise state policies with federal frameworks and promote awareness in your constituencies,” he said.
Omosehin urged stakeholders to align legislative, regulatory, and operational efforts to ensure NIIRA 2025 delivers on its transformative potential for national prosperity. (NAN)
