NAIC Provides ₦1.014tr Insurance Cover for Nigerian Farmers
By Patience Ikpeme
The Nigerian Agricultural Insurance Corporation (NAIC) has provided insurance cover worth ₦1.014 trillion to agricultural projects across the country in the past five years, according to the Managing Director of the Corporation, Mrs Folashade Joseph.
Mrs Joseph disclosed this during a meeting with a delegation from the United Arab Emirates (UAE) in Abuja. She said the comprehensive approach to the administration of agricultural insurance in the country has recorded a multiplier effect in the country’s economy, as farmers and value chain actors who received training during the sensitization programmes have gone ahead to train others, resulting in improved agricultural productivity.
Over the five-year period, about 1.25 million farmers were provided insurance coverage, while the Corporation generated around ₦8.56 billion in insurance premiums. The MD also revealed that the Corporation incurred claims totaling ₦3.88 billion and settled about ₦3.08 billion in claims.
Furthermore, the Corporation reached over 516,000 farming communities with its sensitization programmes for 129,000 agricultural value chain actors across the 36 states of the federation and the FCT.
“The Corporation therefore remains committed to its mission of enhancing agricultural productivity, thereby achieving food security and contributing to the overall growth and development of Nigeria,” Mrs Joseph said.
The activities and programmes of the Corporation are aligned with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Administration, which aims to achieve food security, economic growth, job creation, poverty eradication, inclusivity, security, access to capital, and anti-corruption goals.
In recognition of the significant impact of the Corporation on the lives of farmers in the country, Mrs Joseph said her management was ready to explore viable opportunities to collaborate with progressive agencies and organisations to consolidate on the gains.
The MD also emphasized the Corporation’s commitment to continuously reducing the risks associated with agricultural investments in the country, stating that over the last 37 years of the nation’s independence, Nigeria has continued to effectively manage this objective.
During the meeting, Mrs Joseph recognized the United Arab Emirates (UAE) for its remarkable accomplishments in the agricultural sector and expressed the Corporation’s readiness to partner with the UAE, particularly in the adoption of cutting-edge technologies and innovative farming methods like hydroponics, vertical farming, and controlled environment agriculture.
The MD assured her visitors that the investments by foreigners in Nigeria were safe with the Corporation as Nigeria’s leading agricultural insurer, and that NAIC would continue to play a pivotal role in providing risk management solutions to farmers, agribusinesses, and other stakeholders across the agricultural value chain.
“The challenge of food security is indeed a significant one, but I am filled with hope and optimism that together, through our collective commitment, innovative thinking, and strategic collaboration, we can overcome and ensure that safe and nutritious food is readily available to our citizens,” the MD said.
The visit by the UAE delegation was part of their effort to hold discussions and explore opportunities for partnership and collaboration with key players in strategic sectors of Nigeria’s economy, including the agricultural sector. The meetings and consultations are expected to culminate in a series of bilateral relations agreements aimed at fostering a mutually beneficial cooperation and partnerships affecting the economies of the two countries, particularly on agricultural production and food security initiatives.
