• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Sectors Agriculture

NAICOM says over 1.47 million farmers covered under agricultural insurance  

Israel Ojoko by Israel Ojoko
October 5, 2025
in Agriculture, Insurance, Sectors
Nigerian insurance industry, NIA

NAICOM Building (Image credit: Nairametrics file)

Share on FacebookShare on TwitterShare on Linkedin

The National Insurance Commission (NAICOM) says more than 1.47 million smallholder farmers across Nigeria are now covered under agricultural insurance schemes, marking a significant milestone in efforts to de-risk the agricultural sector and boost productivity.

Commissioner for Insurance and Chief Executive Officer of NAICOM, Olusegun Omosehin, disclosed the figures during the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters held in Maiduguri.

Omosehin said the insurance coverage was facilitated through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), which aims to reach 3.6 million farmers by 2026.

RelatedStories

NAICOM, fintech players join forces to increase insurance penetration in Nigeria 

NAICOM, fintech players join forces to increase insurance penetration in Nigeria 

September 15, 2025
Insurance Sector: Nigeria’s galloping inflation to drive claim costs 

NIIRA 2025: Law firm raises red flags over governance conflicts

September 3, 2025

“In the second quarter of 2025 alone, 250,000 farmers were insured across eight states under various federal agricultural insurance schemes,” he stated. “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.” 

Insurance Driving Agricultural Productivity 

Omosehin highlighted the tangible impact of insurance on farm yields and resilience. In North Central Nigeria, insured rice farmers recorded an 11% increase in productivity compared to their uninsured counterparts, averaging 20 bags per hectare versus 18.

He also cited the case of ginger farmers in Kaduna State who received payouts under the NAGS-AP scheme after losing over 90% of their crops, demonstrating the value of insurance in mitigating climate and market risks.

Additionally, livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States has contributed to reducing farmer-herder conflicts, a persistent challenge in Nigeria’s agricultural landscape.

“Agriculture remains the backbone of Nigeria’s rural economy and a pillar of food security, yet it is one of the most vulnerable sectors to climate shocks and market volatility,” Omosehin said. “Insurance provides a vital tool to de-risk agriculture and empower farmers to invest confidently.” 

NIIRA 2025: A New Era for Insurance Regulation 

Omosehin called for stronger collaboration among lawmakers, regulators, and stakeholders to ensure the effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025.

He described the law as a consolidation of fragmented legislation into a modern framework that empowers regulators, protects consumers, and promotes innovation.

“The law has been passed, but the real work has just begun,” he said. “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 concluded by urging stakeholders to align legislative, regulatory, and operational efforts to ensure NIIRA 2025 delivers on its promise of transforming Nigeria’s insurance landscape and driving national prosperity.

What You Should Know 

  • In August, President Bola Tinubu signed into law the Nigerian Insurance Industry Reform Act (NIIRA) 2025, a transformative piece of legislation aimed at modernizing Nigeria’s insurance sector and accelerating the country’s journey toward a $1 trillion economy.
  • The Act introduces sweeping reforms in the form of stringent capital requirements, compulsory insurance enforcement, and digitization mandates.
  • The NIIRA 2025 empowers the National Insurance Commission (NAICOM) to regulate and supervise all insurance and reinsurance businesses operating within Nigeria.

Follow us for Breaking News and Market Intelligence.
Tags: NAICOMNigeria agricultural insuranceNIIRA 2025Olusegun Omosehin
Israel Ojoko

Israel Ojoko

Israel Ojoko is a dynamic journalist renowned for his in-depth coverage and insightful analysis on a diverse range of topics. With a keen eye for detail and a passion for storytelling, Israel has penned impactful articles on the economy, political developments, fintech, and cybersecurity, among many others. His dedication to uncovering the multifaceted narratives has established him as a trusted voice and influential figure in contemporary journalism.

Related Posts

NAICOM, fintech players join forces to increase insurance penetration in Nigeria 
Sectors

NAICOM, fintech players join forces to increase insurance penetration in Nigeria 

September 15, 2025
Insurance Sector: Nigeria’s galloping inflation to drive claim costs 
Business News

NIIRA 2025: Law firm raises red flags over governance conflicts

September 3, 2025
How the Nigeria Startup Act of 2022 addresses problems of startups - Tunji Andrews 
Business News

NIIRA 2025: How New Insurance Act will reshape the industry  

August 27, 2025
FTN COCOA, UNITY BANK leads as NGX top gainers for the week
Equities

Why insurance stocks are rallying and investors cashing in

August 14, 2025
Nigerian insurance industry, NIA
Economy

Nigeria raises insurance capital requirements fivefold, sets one-year deadline 

August 13, 2025
Nigerian insurance industry, NIA
Financial Services

NIIRA 2025: Online Insurance Companies must obtain license to practice in Nigeria

August 8, 2025
Next Post
OPEC+ to raise oil output by 547,000 bpd in September as market stabilizes  

OPEC+ approves modest oil output increase for November 

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

otd
arco
Palmpay
access bank
nairametrics
first bank








DUNS

Recent News

  • OPEC+ approves modest oil output increase for November 
  • NAICOM says over 1.47 million farmers covered under agricultural insurance  
  • AI strategy: NITDA says Nigeria co-creating framework with innovators, startups 

Follow us on social media:

Recent News

OPEC+ to raise oil output by 547,000 bpd in September as market stabilizes  

OPEC+ approves modest oil output increase for November 

October 5, 2025
Nigerian insurance industry, NIA

NAICOM says over 1.47 million farmers covered under agricultural insurance  

October 5, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics