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).
The commercialisation move, which is in line with the recommendations of the Oronsaye report, is aimed at improving the efficiency, management, and capitalisation of the key agricultural institutions.
Head of Public Communications, BPE, Amina Othman, in a statement, said the inauguration was done by the acting Director-general of Mr. Ignatius Ayewoh, and marks a significant step in the government’s efforts to reform and enhance the agricultural sector.
The statement pointed out that the goal is to create a strong, efficient, and well-managed organisation that will mitigate risks in the agricultural value chain, ensuring a secure environment for farmers and investors alike.
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).
Terms of reference of the committee include reviewing and recommending improvements to existing acts, policies, and regulations; as well as proposing institutional and organisational changes for the enhanced efficiency of NAIC, among others.
