BPE inaugurates project delivery team

Mariam Abeeb

Mr Ignatius Ayewoh, Acting Director-General, Bureau of Public Enterprises (BPE), has inaugurated the Project Delivery Team (PDT) tasked with the recapitalisation and full commercialisation of the Nigerian Agricultural Insurance Corporation (NAIC).
The team would also be responsible for the recapitalisation and full commercialisation of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
This is contained in a statement issued by Amina Othman, Head, Public Communications, BPE, in Abuja .
Othman said this strategic initiative was aimed at enhancing the efficiency, management, and capitalisation of the two critical agricultural institutions.
She said the inauguration ceremony marked a significant milestone in the government’s ongoing efforts to reform and reposition NAIC and NIRSAL to better serve the agricultural sector.
“ The recommendations for the reform stem from the Presidential Committee on Restructuring and Rationalisation of Federal Government Parastatals, Commissions, and Agencies, also known as the Orosanye Committee.
“It has also been endorsed by the Federal Executive Council (FEC) and the National Council on Privatisation (NCP).”
Othman quoted Ayewoh as saying, “Our goal is to create a strong, efficient, and well- managed organisation that will mitigate risks in the agricultural value chain, ensuring a secure environment for farmers and investors alike.”
She said Ayewoh expressed confidence in the successful execution of the initiative, which aligned with President Bola Tinubu’s administration objectives of achieving food security and fostering a robust agricultural sector.
Othman said Folashade Joseph, Managing Director, NAIC expressed her gratitude to Ayewoh and the Managing Director, NIRSAL for their commitment.
She said Joseph highlighted the importance of the recapitalisation of NAIC, as the organisation was financially hugely indebted.
According to Othman, the NAIC boss said adequate recapitalisation will enable the organisation to fulfill its mandate and achieve the food security programme of the Federal Government.
She said Joseph also emphasised the need for collaboration by stakeholder agencies to achieve the purpose for which the committee was constituted.
Othman said the Managing Director of NIRSAL, Abbas Masanawa, in his remark, thanked the leaders of BPE and NAIC for their commitment.
She said Masanawa emphasised that insurance was one of the five key pillars of NIRSAL which included insurance, risk sharing, technical assistance, rating mechanism; and bank incentive mechanism.
Othman said he assured the PDT of NIRSAL’s unwavering support in achieving the food security goals of the Federal Government.
She said the PDT, chaired by Mr Toibudeen Oduniyi of the BPE, included representatives from key stakeholders such as the National Insurance Commission (NAICOM),and the Central Bank of Nigeria (CBN).
“Others are the Federal Ministry of Agriculture and Food Security (FMAFS) and the Nigerian Agricultural Development Fund (NADF). “
Othman said the team was mandated to oversee the reform process, including the appointment of a Transaction Adviser to conduct due diligence and develop a comprehensive framework for the recapitalisation and commercialisation of NAIC and NIRSAL.
“The terms of reference for the PDT include reviewing and recommending improvements to existing acts, policies, and regulations; proposing institutional and organisational changes for the enhanced efficiency of NAIC.
“Others are advising on legal and regulatory frameworks for successful commercialisation; and conducting status reviews of NAIC and NIRSAL to inform stakeholders of current conditions.
“Also preparing and submitting comprehensive reports on the progress and recommendations of the Transaction Adviser,”she said.44.8 million barrels, 14.3 million lower than what was recorded in 2024.
However, during the first four months of 2020, the country produced 215.2 million barrels of crude oil, 56 million barrels more than what was obtained within the same period this year.