The Minister of Agriculture and Food Security, Senator Abubakar Kyari, on Friday announced that the Federal Government, through the Nigerian Agricultural Insurance Corporation (NAIC), has spent N700 billion on 199,275 farmers’ insurance cover in the last two years of the present administration.
This disclosure was made in Abuja during the Quarterly Citizens and Stakeholders’ Engagement Session convened by the Federal Ministry of Agriculture and Food Security.
Kyari noted that NAIC generated N2.43 billion premium income and paid N200 million claims to farmers, thereby boosting farmers’ resilience.
He further stated that the Federal Government has granted a N250 billion facility to the Bank of Agriculture (BOA) to support smallholder farmers in
Nigeria, providing them with access to credit at a single-digit interest rate.
According to him, the aim was to boost agricultural productivity, enhance food security, and empower farmers with modern equipment and inputs.
He further explained that the facility would support food production, enhance mechanisation and improve the livelihoods of the citizenry.
The minister said that the present administration of President Bola Tinubu has made food security a top priority, acknowledging the critical role it plays in maintaining national stability and sovereignty.
According to him, “Our efforts are starting to pay off, with a notable impact on food prices.
“In fact, prices of essential food commodities have dropped by 50% nationwide. This is in contrast to previous years when food prices skyrocketed, way beyond what most Nigerians could afford.
“These efforts reflect our commitment to improving food security and the overall well-being of citizens. We are working to sustain this trend by addressing high input costs to ensure food remains accessible and affordable.”
Earlier in his address, Permanent Secretary, Federal Ministry of Agriculture and Food Security, Dr. Marcus Ogunbiyi, said the stakeholders meeting which involved the representatives of the media, civil society organisations, farmers’ groups, professional bodies, agro-processors, development partners, donor agencies, and relevant government institutions, was convened to share ideas, align efforts, and drive meaningful progress in Nigeria’s agricultural and food systems.
According to him, “The Ministry recognises that farmers, processors, civil society, development partners, private sector actors, the media, and indeed every Nigerian citizen, are critical partners in shaping a resilient, productive, and inclusive agrifood system.”
