The National Insurance Commission (NAICOM) says more than 1.47 million smallholders across Nigeria have been covered under agricultural insurance schemes.

The commissioner for insurance and chief executive officer of NAICOM, Olusegun Omosehin, disclosed this in Maiduguri at the 2025 stakeholders’ retreat of the House Committee on Insurance and Actuarial Matters.

The retreat had as its theme “Navigating the New Era of Insurance Regulation—Understanding the Nigerian Insurance Industry Reform Act (NIIRA) 2025.”

Mr Omosehin, in a statement on Sunday, said the insurance coverage was facilitated by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

He stated that the initiative aimed to enhance resilience and productivity in agriculture, targeting a total of 3.6 million farmers by 2026.

He said agricultural insurance had begun to show clear impacts on productivity across farming communities nationwide.

“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.

“In the second quarter of 2025, 250,000 farmers were insured across eight states under federal initiatives.

“In North-Central Nigeria, insured rice farmers recorded 11 per cent higher productivity than uninsured peers, averaging 20 bags per hectare compared to 18 bags,” he said.

Mr Omosehin also highlighted successful programmes such as the Kaduna ginger farmers who received payouts under the NAGS-AP scheme after losing over 90 per cent of their crops.

He added that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States had helped reduce farmer-herder conflicts.

Mr Omosehin said insurance provided a vital tool to de-risk agriculture and empower farmers to invest confidently.

He called for stronger collaboration among lawmakers, regulators, and stakeholders to ensure the effective implementation of the NIIRA 2025.

The NAICOM boss said the new law consolidated fragmented legislation into a modern framework that empowers regulators, protects consumers, and promotes innovation in the insurance industry.

“The law has been passed, but the real work has just begun. We urge the committee to ensure MDAs comply with compulsory insurance provisions,” he said.

Mr Omosehin urged stakeholders to align legislative, regulatory, and operational efforts to ensure NIIRA 2025 delivers on its transformative potential for national prosperity.

(NAN)