FG Insures 1.47mn Farmers through NIRSAL, Boosts Agricultural Sector - Key Details!

The Federal Government of Nigeria, through the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), has provided insurance coverage for over 1.47 million smallholder farmers. The Commissioner for Insurance, Olusegun Ayo Omosehin, announced this at a stakeholders' retreat in Maiduguri, Borno State.

NIRSAL, a subsidiary of the Central Bank of Nigeria, aims to reduce financial risks in the agricultural sector by offering insurance and other support mechanisms. The initiative has already shown positive results, with insured farmers in North Central Nigeria recording higher productivity compared to uninsured farmers.

This insurance coverage is part of the government's strategy to boost agricultural investment and improve the livelihoods of small-scale farmers.