National Insurance Commission is the apex regulatory body for the Insurance Industry in Nigeria backed by an enabling Decree 1&2 of 1997 and further the insurance Act 2003. The supervisory and regulatory environment of Nigerian Insurance Industry is closely monitored and streamlined by the Commission in order to set a healthy standard in the insurance industry.
The National Insurance Commission in Nigeria resides within the Federal Ministry of Finance which is responsible for the management and control of all finances of the Nigerian Federal Government, as prescribed by the constitution of the country
National Insurance Commission (NAICOM)
Address: Plot 2001 Tafawa Balewa Way, Area 7, Garki, Abuja.
Phone: +234 9 2346590-3
Visit official Website
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Nigerian Agricultural Insurance Corporation is wholly owned by the Federal Government of Nigeria. It was establish in 1987 to provide risk cover to Nigerian farmer’s. It is also the only existing insurance company owned by the Federal Government due to its unique socio–economic benefits to the populace.
The need for a specialized Agricultural Insurance Company to provide insurance cover to farmers was informed by Government’s concern over the vacuum created due to the unwillingness of conventional Insurers to accept Agricultural risks which they considered too risky. The implementation of the scheme was thus initially vested in the Nigerian Agricultural Insurance Company limited, which later turned into a corporation in 1993 by enabling decree No. 37 of 1993.
VISION
To remain the pioneer and leader in the country’s Agricultural Insurance, providing professional insurance and extension services that will help to promote investments in the Agricultural sector in line with National policies, while at the same time extending our expertise to conventional insurance.
MISSION
To be at the centre stage of the country’s efforts towards a planned and sustained growth in Agriculture aimed at self sufficiency in food and fiber products, optimum foreign exchange earning and mass gainful employment, by providing insurance cover to farmers who invest their resources in Agriculture against some perils, in a well harmonized manner that will encourage investments in Agriculture, since any loss arising from the insured perils will be indemnified in a timely and professional manner that will put the farmer back to business.
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