NAICOM, Reps Move to Deepen Insurance Reforms, Boost Agricultural Coverage

The National Insurance Commission (NAICOM) has called for stronger collaboration with the National Assembly and key stakeholders to ensure the effective implementation of the Nigerian Insurance Industry Reform Act (NIIRA) 2025, which it described as a game-changer for the nation’s insurance landscape.

Commissioner for Insurance, Mr. Olusegun Omosehin, made the call at the 2025 Stakeholders’ Retreat of the House of Representatives Committee on Insurance and Actuarial Matters, held in Maiduguri, Borno State.

Omosehin said the retreat, organised in partnership with the House Committee led by Hon. Ahmadu Usman Jaha, was designed to strengthen the synergy between lawmakers, regulators, and industry operators in driving the objectives of the new reform law.

He praised Governor Babagana Zulum for his administration’s strides in rebuilding infrastructure, expanding healthcare, and promoting inclusive development, assuring that NAICOM was ready to support the state government in deepening insurance coverage for public assets and agricultural resilience.

“The NIIRA 2025 offers a robust framework to modernise our insurance ecosystem, enhance consumer confidence, and promote financial inclusion,” Omosehin said. “Agriculture remains a vital sector in Nigeria’s economy, but also one of the most exposed to risks. Through insurance, we can help farmers manage uncertainties, recover faster, and boost productivity.”

The NAICOM boss disclosed that over 1.47 million smallholder farmers have so far been covered under the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) schemes, with a target to reach 3.6 million by 2026. In the second quarter of 2025 alone, 250,000 farmers were insured across eight states under federal agricultural insurance initiatives.

Omosehin added that insured rice farmers in North Central Nigeria recorded 11 per cent higher yields compared to their uninsured counterparts, while Kaduna ginger farmers who suffered over 90 per cent crop loss received timely payouts. He noted that livestock insurance in states such as Sokoto, Bauchi, Adamawa, and Plateau has also helped to reduce farmer-herder conflicts.

Under the NIIRA 2025, NAICOM plans to expand index-based and parametric insurance for crops and livestock, promote bundled insurance products tied to input and credit schemes, and scale up digital delivery channels through partnerships with technology firms and agribusinesses.

He further revealed that the Commission is working with state governments to integrate insurance into agricultural extension services, a move expected to de-risk food production and strengthen rural livelihoods.

Omosehin commended the House Committee on Insurance and Actuarial Matters for its legislative foresight and stakeholder engagement in advancing the sector’s growth.

“The support of the National Assembly remains critical to ensuring that the NIIRA 2025 achieves its objectives and delivers value to all Nigerians,” he said.