Guardian Nigeria
The federal government says it is committed to the full recapitalisation and commercialisation of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) to ensure their optimal performance.
The acting Director-General of the Bureau of Public Enterprises (BPE), Ignatius Ayewoh, stated this yesterday during the inauguration of the Project Delivery Team (PDT) tasked with the recapitalisation and full commercialisation of the two agencies.
He said the initiative aims to enhance the efficiency, management and capitalisation of critical agricultural institutions. He said the inauguration of the PDT marks a significant milestone in the government’s ongoing efforts to reform and reposition NAIC and NIRSAL to better serve the agricultural sector, noting that 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.
The BPE boss said the reforms of the two institutions have been endorsed by the Federal Executive Council (FEC) and the National Council on Privatization (NCP).
Highlighting the importance of the initiative for Nigeria’s agricultural sector, Ayewoh said: “Our goal is to create a strong, efficient, and well-managed organization that will mitigate risks in the agricultural value chain, ensuring a secure environment for farmers and investors alike.”
Managing Director and Chief Executive Officer of NAIC, Folashade Joseph, highlighted the importance of the recapitalisation of NAIC, as the organisation is hugely indebted.
She said adequate recapitalisation would enable the organisation to fulfill its mandate and achieve the “food security” programme of the FG. She also emphasized the need for collaboration by stakeholder agencies to achieve the purpose for which the committee was constituted.
The Managing Director, NIRSAL, Abbas Masanawa, said that insurance was only a pillar among the five key pillars of NIRSAL. He listed risk sharing, technical Assistance, rating Mechanism and bank incentive mechanism as the others. He assured the PDT of NIRSAL’s unwavering support in achieving the “food security” goals of the federal government.
