Section 3: Functions of the Corporation.

Subject to the provisions of this Act, the functions of the Corporation are(a) to implement, manage and administer the Agricultural Insurance Scheme, established by section 6 of this Act;
(b) to subsidise the premiums chargeable on selected crops and livestock policies from the grants obtained from the Federal and State Governments and the Federal Capital Territory, Abuja;
(c) to encourage institutional lenders to lend more for agricultural production having regard to the added security for their loans provided by the Corporation;
(d)
to promote increased agricultural production generally in order to minimise or eliminate the need for ad hoc assistance previously provided by governments during agricultural disasters;
(e) to carry on insurance business on normal commercial basis and without subsidies on premiums as insurers of buildings, machineries, equipment and other items which form part of the total investment on farms and to re-insure this aspect of its operations through well established channels with reputable re-insurance companies;
(f) to operate other types of insurance business as may be permitted by the Commissioner of Insurance at competitive premiums; and
(g) to do anything or to enter into any transaction which in the opinion of the Board is calculated to facilitate the due performance of its functions under this Act.