NAICOM targets 3.6million smallholder farmers agric insurance schemes by 2026

Mariam Abeeb

The Commissioner of Insurance, National Insurance Commission, NAICOM, Olusegun Omosehin has disclosed that it’s targeting 3.6 million smallholder farmers under the NIRSAL’s agricultural insurance schemes by 2026.
The Commissioner disclosed this at the 2025 stakeholders retreat of the House Committee and Actuarial matters with the theme: “Navigating the new era of insurance regulation understanding and Nigerian Industry Reform Act 2025” in Borno state .
Omosehin explained that over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, while in Q2 2025, 250,000 farmers were insured across eight statesunder federal initiatives.
According to him, statistics had it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers—averaging 20 bags/hectare compared to 18 bags/hectare.
He stressed that agriculture remains the backbone of Nigeria’s rural economy and a vital pillar of food security.
He stated that it is also one of the most vulnerable sectors—exposed to climate shocks, pest outbreaks, and market volatility.
He said that insurance offers a powerful tool to de-risk agriculture and empower farmers.
“Agriculture remains the backbone of Nigeria’s rural economy and a vital pillar of food security. Yet, it is also one of the most vulnerable sectors—exposed to climate shocks, pest outbreaks, and market volatility. Insurance offers a powerful tool to de-risk agriculture and empower our farmers.
“Recent impact statistics show:Over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026. In Q2 2025, 250,000 farmers were insured across eight statesunder federal initiatives. Statistics has it that in North Central Nigeria, insured rice farmers recorded 11% higher productivity than their uninsured peers— averaging 20 bags/hectare compared to 18 bags/hectare,” he stated.
Speaking about the Successful programs, he note that Kaduna ginger farmers received payouts under the NAGS-AP scheme after suffering over 90% crop loss.
He added that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States are reducing farmer-herder conflicts.
He mentioned that under NIIRA 2025, NAICOM aims to expand index-based and parametric insurance for crops and livestock, Promote bundled insurance products with inputs and credits, Create a platform of collaboration for operators to Partner with tech firms and agribusinesses to scale digital insurance delivery , and Work with state governments to embed insurance into agricultural extension services .
He said that NIIRA 2025 consolidates decades of fragmented legislation into a coherent framework that empowers regulators, protects consumers, and fosters innovation.
Furthermore , the commissioner of Insurance lamented that Nigeria loses billions annually to floods, drought, and other climate shocks. Yet only a few of farmers have insurance.
He assured that with support in budget appropriations and subsidies, it is possible to de-risk agriculture sector, protect livelihoods, and strengthen food security.
He said that disaster and accidents shouldn’t always drain public funds, noting that with insurance, government can redirect resources to pressing priorities, hence insurance reduces fiscal burden