Mr. Ignatius Ayewoh, Acting Director-General of the Bureau of Public Enterprises (BPE), has inaugurated the Project Delivery Team (PDT) for the recapitalisation and full commercialisation of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) in line with the recommendations of the Oronsaye report.
This initiative aims to improve the efficiency, management, and capitalisation of the key agricultural institutions.
According to a statement by Amina Othman, Head of Public Communications at BPE, this marks a significant step in the government’s efforts to reform and enhance the agricultural sector.
She mentioned that Ayewoh expressed confidence in the initiative’s success, aligning with President Bola Tinubu’s goals of achieving food security and strengthening the agricultural sector.
Othman reported that Folashade Joseph, Managing Director of NAIC, had expressed gratitude to Ayewoh and the Managing Director of NIRSAL for their dedication.
Joseph emphasized the importance of NAIC’s recapitalisation due to its significant debt, which is crucial for fulfilling its mandate and supporting the Federal Government’s food security program.
She also highlighted the need for collaboration among stakeholder agencies.
Othman stated that NIRSAL’s Managing Director, Abbas Masanawa, had thanked BPE and NAIC leaders for their commitment.
Masanawa also stressed that insurance is one of NIRSAL’s five key pillars, including risk sharing, technical assistance, rating mechanism, and bank incentive mechanism. He assured the PDT of NIRSAL’s unwavering support in achieving the government’s food security goals.
The PDT, chaired by Mr. Toibudeen Oduniyi of the BPE, includes representatives from key stakeholders such as the National Insurance Commission (NAICOM) and the Central Bank of Nigeria (CBN).
Othman said the team was mandated to oversee the reform process, including the appointment of a Transaction Adviser to conduct due diligence and develop a comprehensive framework for the recapitalisation and commercialisation of NAIC and NIRSAL.
