Nigeria Agricultural Insurance Corporation is an agency of the Federal Republic of Nigeria under the Federal Ministry of Agriculture, and the sole insurance company set up specifically to provide agricultural risk insurance cover to Nigerian farmers. It operates under the leadership of Folashade Joseph, who serves as the current Director-General.[1][2]
| Nigerian Agricultural Insurance Corporation | |
|---|---|
| Abbreviation | NAIC |
| Agency overview | |
| Formed | 1987 |
| Jurisdictional structure | |
| Federal agency (Operations jurisdiction) | Nigeria |
| Operations jurisdiction | Nigeria |
| Legal jurisdiction | Nigerian Agricultural Insurance Corporation |
| Governing body | President of Nigeria |
| Constituting instrument |
|
| General nature | |
| Operational structure | |
| Headquarters | Plot 590 Zone A O Central Area, Abuja, NigeriaAbuja |
| Agency executive |
|
| Website | |
| https://naic.gov.ng/ | |
History
editNAIC is an agency of the Federal Republic of Nigeria under the Ministry of Agriculture. It was established on 15th November 1987, incorporated in June 1988, and later turned into a corporation in 1993 by the enabling Act 37 of 1993.[3]
Functions
editNAIC is the sole insurance company owned by the Federal government of Nigeria, it was set up specifically to provide agricultural risk insurance cover to Nigerian farmers.[4][5]
References
edit- ^ Jeremiah, Urowayino (2024-06-26). "NAIC provides N1.01trn insurance cover to farmers". Vanguard News. Retrieved 2024-12-01.
- ^ Nigeria, Guardian (2024-05-23). "Government begins process to recapitalise NAIC, NIRSAL". The Guardian Nigeria News - Nigeria and World News. Retrieved 2024-12-01.
- ^ "history - NAIC". 2023-07-17. Retrieved 2024-12-01.
- ^ George, Godfrey (2024-11-10). "How livestock insurance can empower Northern Nigerian women farmers". Punch Newspapers. Retrieved 2024-12-01.
- ^ Bolaji, Nduka Chiejina, Abuja, Sarah (2024-06-25). "NAIC insures ₦1.014tr in agricultural projects in five years". The Nation Newspaper. Retrieved 2024-12-01.
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