Nigeria has provided risk cover to 199,275 farmers worth N700 billion, strengthening agriculture and boosting investment through NAIC initiatives

The Nigerian government has disclosed that 199,275 farmers have benefited from agricultural risk protection valued at approximately N700 billion over the past two years, aiming to strengthen the country’s food production system.

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Minister of Agriculture and Food Security, Abubakar Kyari, revealed that the coverage was provided through the Nigerian Agricultural Insurance Corporation (NAIC). He explained that the initiative deepens agricultural financing, reduces risks associated with farming, and attracts private-sector investment into the sector.

“The insurance support has strengthened farmers’ capacity to manage production risks caused by climate shocks, pests, diseases, and other uncertainties that frequently threaten agricultural investments,” Kyari said.

NAIC’s intervention has also stimulated the agricultural insurance industry, generating N2.43 billion in premium income and paying out about N200 million in claims to affected farmers.

The minister highlighted complementary government initiatives, including the distribution of over 1.9 million bags of fertiliser, introduction of improved crop varieties, expansion of mechanisation services, and investments in agro-processing infrastructure.

Partnerships with development organisations and foreign governments are also enhancing technology transfer and regulatory compliance in the sector.

“These measures are expected to strengthen agricultural value chains, attract private-sector investment, and position Nigeria as a major player in global agricultural markets,” Kyari said.

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He added that improved access to finance, insurance coverage, and modern farming inputs would enable farmers to scale operations and transition from subsistence to commercially viable agribusinesses.

The federal government continues to leverage institutions like NAIC, the Bank of Agriculture, and the National Agricultural Development Fund to support farmers and agribusinesses across the country.