NAIC provides N1.01trn insurance cover to farmers
The Nigerian Agricultural Insurance Corporation (NAIC) has provided ₦1.014 trillion in coverage to 1.25 million farmers over the past five years, collecting ₦8.56 billion in premiums and settling ₦3.08 billion in claims. Managing Director Folashade Joseph emphasized NAIC’s commitment to enhancing agricultural productivity and food security. Hosting a UAE delegation, Joseph highlighted potential partnerships in innovative farming techniques. The UAE delegation, led by Khalid Al Mannaei, aims to explore bilateral agreements to foster cooperation in Nigeria’s agricultural sector, aligning with President Tinubu’s Renewed Hope Agenda. Source: Vanguard
Our Review
The Nigerian Agricultural Insurance Corporation (NAIC) has significantly impacted Nigeria’s agricultural sector by providing ₦1.014 trillion in coverage over the last five years. This coverage has benefitted approximately 1.25 million farmers, demonstrating a robust commitment to reducing agricultural investment risks. By settling claims worth ₦3.08 billion and reaching over 516,000 farming communities through sensitization programs, NAIC has enhanced agricultural productivity and food security.
This partnership with the UAE holds promise for integrating cutting-edge technologies like hydroponics and vertical farming, which can revolutionize Nigerian agriculture by improving efficiency and yields. Such innovations align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, focusing on economic growth, job creation, and poverty eradication. The collaboration can facilitate knowledge transfer, access to capital, and the adoption of sustainable farming practices.
NAIC’s efforts in providing insurance and fostering international partnerships are crucial for building resilience among smallholder farmers, ultimately contributing to national food security and economic development. These initiatives can drive informed decisions, encourage investments, and promote sustainable growth within Nigeria’s agricultural value chain.
