. Says their rights not adequately protected
.1.47m smallholder farmers covered under agricultural insurance–NAICOM
Centre for the Promotion of Private Enterprise (CPPE) has called for urgent laws that protects rights of local investors and labour employers to foster sustainable economic growth and social stability.
Dr Muda Yusuf, CPPE’s Director/Chief Executive Officer made the call in a policy statement on Sunday in Lagos.
Yusuf identified vulnerabilities of investors and employers which must be addressed with dispatch.
He described investors, entrepreneurs and employers as lifelines of every modern economy, adding that their rights and investments remained inadequately protected in Nigeria while significant legal safeguards exist for workers and employees.
“This imbalance undermines investor confidence and leaves those who create jobs vulnerable to disruptions, particularly from industrial actions by labour unions.
“The real sector is especially exposed, given its large workforce, high fixed costs and significant sunk investments,” he said.
He expressed concern over unlimited powers of regulatory institutions, while calling for a fair policy balance that also protects rights of investors and employers.
Yusuf listed sources of vulnerability to include weak legal protection, unrestrained union actions, regulatory unpredictability, bureaucratic bottlenecks and weak dispute resolutions.
According to him, together, these factors erode Nigeria’s competitiveness, deter both local and foreign investment and slow economic growth and job creation.
“Investors mobilise capital, create jobs and generate the tax revenues that sustain government and society, and without them, there can not be sustainable growth, employment and national prosperity.
“Nigeria must, therefore, urgently institutionalise a fair, secure and predictable business environment that protects those who take risks to create wealth.
“This is not about weakening labour unions, but about balancing rights and responsibilities to foster sustainable economic growth, social stability and national security,” he said.
In the policy brief titled: “Protecting Investors And Employers: A National Policy Imperative”, the CPPE boss explained both macroeconomic and social consequences of investors’ vulnerability.
According to him, when investors lose confidence, capital flight intensifies, foreign direct investment declines and domestic enterprises contract their operations.
“The resulting chain reaction includes job losses, declining tax revenues and reduced economic growth.
“Unrestrained strikes in strategic sectors such as energy, transport and health disrupt production, threaten national security and endanger public welfare.
“Policy inconsistency and regulatory arbitraliness make long-term planning difficult, deepening Nigeria’s dependence on imports and weakening its industrial base.
“Without corrective reforms, these trends will continue to erode national competitiveness, discourage innovation and diminish Nigeria’s economic resilience,” he said.
Yusuf called for legal and institutional reforms, urging the nation to enact a dedicated Investor and Employer Protection Act to provide a strong legal foundation for safeguarding investors’ rights.
He said that the Act should, among its provisions, codify the rights and obligations of investors, employers, regulators and unions; prohibit unlawful actions; establish penalties, damages and restitution mechanisms for violations.
He said that the Industrial Arbitration Panel (IAP) should be strengthened for faster, impartial resolution of industrial disputes while an Independent Investment Ombudsman Office should be created to handle investors’ complaints and disputes.
The CPPE boss also called for transparency, integrity and accountability of labour unions, adding that their activities must align with the law and national interest.
He called for regulatory and policy stability, among other calls towards implementation of frameworks to restore investor confidence and attract both domestic and foreign capital.
“Adopting the right policies will also stimulate private-sector job creation and expand fiscal revenues; reduce strike-related disruptions and strengthen Nigeria’s competitiveness, industrial productivity and economic resilience,” he said.
Meanwhile, The National Insurance Commission (NAICOM) says more than 1.47 million smallholder farmers across Nigeria have been covered under agricultural insurance schemes.
The Commissioner for Insurance and Chief Executive Officer of NAICOM, Mr Olusegun Omosehin, disclosed this in Maiduguri at the 2025 Stakeholders’ Retreat of the House Committee on Insurance and Actuarial Matters.
The retreat had as its theme, ‘Navigating the New Era of Insurance Regulation – Understanding the Nigerian Insurance Industry Reform Act (NIIRA) 2025.’
Omosehin, in a statement on Sunday, said the insurance coverage was facilitated by the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL).
He said the initiative aimed to strengthen resilience and productivity in agriculture, targeting a total of 3.6 million farmers by 2026.
According to him, about 250,000 farmers were insured across eight states in the second quarter of 2025 under various federal agricultural insurance schemes.
He said agricultural insurance had begun to show clear impacts on productivity across farming communities nationwide.
“Recent statistics show that over 1.47 million smallholder farmers have been covered under NIRSAL’s agricultural insurance schemes, with a target of 3.6 million by 2026.
“In the second quarter of 2025, 250,000 farmers were insured across eight states under federal initiatives.
“In North Central Nigeria, insured rice farmers recorded 11 per cent higher productivity than uninsured peers, averaging 20 bags per hectare compared to 18 bags,” he said.
Omosehin also highlighted successful programmes such as Kaduna ginger farmers who received payouts under the NAGS-AP scheme after losing over 90 per cent of their crops.
He added that livestock and encroachment insurance in Sokoto, Bauchi, Adamawa, and Plateau States had helped reduce farmer-herder conflicts.
Omosehin described agriculture as the backbone of Nigeria’s rural economy and a pillar of food security, yet one of the sectors most exposed to climate shocks and market volatility.
He said insurance provided a vital tool to de-risk agriculture and empower farmers to invest confidently.
Omosehin called for stronger collaboration among lawmakers, regulators, and stakeholders to ensure the effective implementation of the NIIRA 2025.
He said the new law consolidated fragmented legislations into a modern framework that empowers regulators, protects consumers, and promotes innovation in the insurance industry.
“The law has been passed, but the real work has just begun. We urge the committee to ensure MDAs comply with compulsory insurance provisions.
“We also seek your support to harmonise state policies with federal frameworks and promote awareness in your constituencies,” he said.
Omosehin urged stakeholders to align legislative, regulatory, and operational efforts to ensure NIIRA 2025 delivers on its transformative potential for national prosperity.
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