NAIC’s agricultural insurance coverage hits N1.014trn in 5 years  

Cynthia Ezekwe

The Nigerian Agricultural Insurance Corporation (NAIC) has provided insurance coverage worth N1.014 trillion to agricultural projects across Nigeria in the past five years, as part of its commitment to strengthen the nation’s agricultural sector and assist farmers in mitigating risks.

Speaking at a meeting with a delegation from the United Arab Emirates (UAE) in Abuja, Folashade Joseph, managing director of NAIC, disclosed that approximately 1.25 million farmers received insurance coverage, generating N8.56 billion in insurance premiums during this period, adding that the corporation incurred claims totaling N3.88 billion, and settled about N3.08 billion in claims.

Joseph highlighted that the corporation had impacted 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, reiterating the corporation’s commitment to its mission of enhancing agricultural productivity and development  in Nigeria.

“It is imperative to emphasise that the corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country,’’ she noted.

According to the NAIC MD,  a comprehensive approach to the administration of agricultural insurance in the country had recorded a multiplier effect in the economy as farmers and value chain actors who received training during the sensitisation programmes have gone ahead to train others, resulting in improved agricultural productivity.

She pointed out that the  corporation’s activities were in alignment with the Renewed Hope agenda of President Bola Tinubu’s administration aimed at achieving food security, economic growth, job creation, poverty eradication, inclusivity, security, access to capital across all segments, and anti-corruption goals.

While recognising the UAE for its remarkable accomplishments in the agricultural sector, she stated that the organisation was ready to partner them particularly in the adoption of cutting-edge technologies and innovative farming methods like hydroponics, vertical farming, and controlled environment agriculture, which have revolutionised the agricultural industry in UAE.

Joseph noted  that the organisation’s comprehensive range of insurance products and services are designed to mitigate the impact of various risks, including crop failure, livestock mortality, and property damage, thereby safeguarding the livelihoods and investments of our clients.

“The corporation is therefore fully committed to supporting initiatives that promote agricultural development, enhance food security, and strengthen the resilience of farmers, especially the smallholders in Nigeria,’’ she added.