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HomeTop NewsBPE inaugurates project delivery team to propel NAIC and NIRSAL's commercialization

BPE inaugurates project delivery team to propel NAIC and NIRSAL’s commercialization

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In a significant stride towards bolstering Nigeria’s agricultural sector, the Acting Director General of the Bureau of Public Enterprises (BPE), Ignatius O. Ayewoh has inaugurated the Project Delivery Team (PDT) to spearhead the recapitalization and full commercialization of the Nigerian Agricultural Insurance Corporation (NAIC) and the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).

This ambitious initiative aims to enhance the operational efficiency, management, and capitalization of these pivotal institutions.

The inauguration is rooted in recommendations from the Orosanye Committee and has received endorsements from both the Federal Executive Council (FEC) and the National Council on Privatization (NCP).

This initiative reflects a commitment to reposition NAIC and NIRSAL to better serve the agricultural community.

“Our goal is to create robust, efficient, and well-managed organizations that will mitigate risks across the agricultural value chain, ensuring a secure environment for farmers and investors,” Ayewoh remarked, emphasizing the strategic importance of this initiative for Nigeria’s agricultural landscape.

NAIC’s Managing Director, Folashade Joseph expressed gratitude towards the AG.DG, BPE, and the MD of NIRSAL for their unwavering commitment.

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She highlighted NAIC’s financial challenges and underscored that adequate recapitalization is crucial for fulfilling its mandate and advancing the Federal Government’s “Food Security” program. Collaboration among stakeholder agencies, she noted, is vital for achieving the committee’s objectives.

NIRSAL’s Managing Director, Abbas U. Masanawa, thanked the leadership of BPE and NAIC for their dedication. He emphasized that insurance is one of NIRSAL’s five key pillars, which also include risk sharing, technical assistance, rating mechanisms, and bank incentive mechanisms. Masanawa assured the PDT of NIRSAL’s steadfast support in meeting the Federal Government’s food security goals.

The PDT, chaired by Toibudeen Oduniyi of the BPE, comprises representatives from major stakeholders including the National Insurance Commission (NAICOM), Central Bank of Nigeria (CBN), Federal Ministry of Agriculture and Food Security (FMAFS), and the Nigerian Agricultural Development Fund (NADF).

This team is tasked with overseeing the reform process, appointing a Transaction Adviser to conduct due diligence, and developing a comprehensive framework for the recapitalization and commercialization of NAIC and NIRSAL.

Key responsibilities of the PDT include:

  • Reviewing and recommending enhancements to existing acts, policies, and regulations.
  • Proposing institutional and organizational changes for improved efficiency.
  • Advising on legal and regulatory frameworks for successful commercialization.
  • Conducting status reviews of NAIC and NIRSAL to inform stakeholders.
  • Preparing and submitting comprehensive reports on progress and recommendations.

Concluding the ceremony, Ayewoh expressed confidence in the initiative’s success, aligning with President Bola Ahmed Tinubu’s administration’s objectives of achieving food security and fostering a robust agricultural sector.

(Edited by Oludare Mayowa; omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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