June 24, 2024

FG Inaugurates Team to Recapitalise, Commercialise NAIC, NIRSAL

 

The Federal Government on Wednesday, inaugurated a project delivery team to oversee the recapitalisation and commercialisation of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

 

The team, chaired by Mr Toibudeen Oduniyi of the Bureau of Public Enterprises (BPE), was inaugurated on Wednesday in Abuja.

 

The move is part of the government’s efforts to reform and reposition NAIC and NIRSAL to better serve the agricultural sector. The team includes representatives from key stakeholders such as the National Insurance Commission, the Central Bank of Nigeria, Federal Ministry of Agriculture and Food Security, and the Nigerian Agricultural Development Fund.

 

The acting Director-General of BPE, Ignatius Ayewoh, said the goal of the initiative 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 team has been 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.

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