Nigerian Agricultural Insurance Corporation

Last updated
Nigerian Agricultural Insurance Corporation
AbbreviationNAIC
Agency overview
Formed1987
Jurisdictional structure
Federal agency
(Operations jurisdiction)
Nigeria
Operations jurisdiction Nigeria
Legal jurisdictionNigerian Agricultural Insurance Corporation
Governing body President of Nigeria
Constituting instrument
  • Act 37 of 1993.
General nature
Operational structure
HeadquartersPlot 590 Zone A O Central Area, Abuja, Nigeria
Agency executive
Website
https://naic.gov.ng/

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]

Contents

History

NAIC is an agency of the Federal Republic of Nigeria under the Ministry of Agriculture. It was established on 15 November 1987, incorporated in June 1988, and later turned into a corporation in 1993 by the enabling Act 37 of 1993. [3]

Functions

NAIC 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]

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References

  1. Jeremiah, Urowayino (2024-06-26). "NAIC provides N1.01trn insurance cover to farmers". Vanguard News. Retrieved 2024-12-01.
  2. Nigeria, Guardian (2024-05-23). "Government begins process to recapitalise NAIC, NIRSAL". The Guardian Nigeria News - Nigeria and World News. Retrieved 2024-12-01.
  3. "history - NAIC". 2023-07-17. Retrieved 2024-12-01.
  4. George, Godfrey (2024-11-10). "How livestock insurance can empower Northern Nigerian women farmers". Punch Newspapers. Retrieved 2024-12-01.
  5. 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.{{cite web}}: CS1 maint: multiple names: authors list (link)