The Commissioner for Insurance, Olusegun Omosehin, has called for stronger collaboration between lawmakers, regulators, and industry stakeholders to ensure full implementation of the Nigerian Insurance Industry Reform Act 2025, describing the new law as a transformative framework for the sector.
Speaking at the 2025 Stakeholders Retreat of the House Committee on Insurance and Actuarial Matters in Maiduguri, Borno State, the Commissioner said the strategic retreat was convened by the House of Representatives Committee on Insurance and Actuarial Matters in collaboration with the National Insurance Commission.
He commended Governor Zulum’s efforts in rebuilding infrastructure, expanding healthcare access, and promoting inclusive development, stressing that “the insurance sector stands ready to partner with your government in deepening risk protection for public assets and supporting agricultural resilience.”
Acknowledging the role of the legislature, the Commissioner praised Hon. Ahmadu Usman Jaha, Chairman of the House Committee on Insurance and Actuarial Matters, noting that “your leadership has been instrumental in advancing the Nigerian Insurance Industry Reform Act 2025 and fostering a culture of stakeholder engagement and legislative foresight.”
Highlighting agriculture as a critical priority, he stated: “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.”
According to him, 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 alone, 250,000 farmers were insured across eight states under federal initiatives.
He added that in North Central Nigeria, insured rice farmers recorded 11 per cent higher productivity than their uninsured peers, averaging 20 bags per hectare compared to 18.
He cited Kaduna ginger farmers who received payouts after suffering over 90 per cent crop loss, and livestock insurance in Sokoto, Bauchi, Adamawa, and Plateau States, which is helping reduce farmer-herder conflicts.
Under NIIRA 2025, NAICOM aims to expand index-based and parametric insurance for crops and livestock, promote bundled products with inputs and credits, scale digital delivery by partnering with technology firms and agribusinesses, and work with state governments to integrate insurance into agricultural extension services.
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