NAIC insures farmers with N1.01trn coverage
By Esther Agbo
The Nigerian Agricultural Insurance Corporation (NAIC) has offered insurance coverage worth N1.014 trillion to the agricultural sector over the past five years. This was announced by the corporation’s Managing Director, Mrs. Folashade Joseph, during a meeting in Abuja with a delegation from the United Arab Emirates (UAE).
Joseph reported that approximately 1.25 million farmers received insurance coverage, with the corporation collecting about N8.56 billion in premiums during this period. Additionally, NAIC settled claims totaling around N3.08 billion and reached over 516,000 farming communities through its sensitization programs.
“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.
“It is imperative to emphasise that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country.”
She emphasised NAIC’s commitment to reducing risks in agricultural investments in alignment with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which aims at food security, economic growth, job creation, poverty eradication, inclusivity, and access to capital.
NAIC is prepared to collaborate with UAE authorities, particularly in adopting advanced farming technologies like hydroponics, vertical farming, and controlled environment agriculture.
Joseph expressed the corporation’s commitment to supporting initiatives that enhance agricultural development and food security, especially for smallholder farmers in Nigeria.
“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.
“The Corporation is ready to engage in fruitful discussions to identify concrete opportunities for partnership with the UAE, believing that by joining forces and pooling our collective strengths, we can achieve greater impact and make significant strides towards advancing agricultural development and food security objectives in both our countries.
“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,” she said.
The CEO of the Vice President’s Office for Political Affairs in the UAE and the leader of the UAE delegation, Khalid Al Mannaei, stated that their delegation visited Nigeria to explore partnership opportunities across key economic sectors, including agriculture. The discussions are expected to lead to bilateral agreements fostering mutually beneficial cooperation between the two countries.
