NAIC Provides N1.01 Trillion Insurance Cover to Agricultural Projects in 5 Years

•Nigeria, UAE seek mutually cooperation to boost food security

James Emejo in Abuja

Managing Director/Chief Executive,  Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph, yesterday said it has provided N1.014 trillion in insurance cover to agricultural projects across the country in the past five years to boost food security.

Speaking during a meeting with a delegation from the United Arab Emirates (UAE), she said about 1.25 million farmers were provided insurance coverage, while about N8.56 billion was generated in insurance premiums over the period.

Joseph also said the corporation incurred claims totaling N3.88 billion, and settled about N3.08 billion in claims.

The NAIC boss said its intervention 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.

She said the comprehensive approach to the administration of agricultural insurance in the country had recorded a multiplier effects 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.

According to Joseph, “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.”

She said tbe 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.

In recognition of the significant impact of the corporation on the lives of farmers, Joseph said the management was ready to explore viable opportunities to collaborate with progressive agencies and organisations to consolidate on the gains.   

She said, “It is imperative to emphasize that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country.

While recognising the UAE for its remarkable accomplishments in the agricultural sector, she said the NAIC 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.

She said these advancements have not only revolutionised the agriculture industry in the UAE, but have also enabled farmers to cultivate a variety of crops in a more sustainable and efficient manner as well as played a pivotal role in enhancing food security, promoting sustainable development, and diversifying the country’s economy.

The MD assured her visitors that the corporation and Nigeria at large remained open to partner them in all of these areas to produce enough for Nigeria and exports.

Assuring that the investments by foreigners in Nigeria were safe with the corporation as Nigeria’s leading agricultural insurer, she said NAIC would continue to play a pivotal role in providing risk management solutions to farmers, agribusinesses, and other stakeholders across the agricultural value chain.

Shr said, “Our 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.”

Earlier,  leader of the delegation who is the Chief Executive Officer of the Vice President’s Office for Political Affairs in the Kingdom of the UAE, Khalid Al Mannaei, said they were in Nigeria to hold discussions and explore opportunities for partnership and collaboration with key players in strategic sectors of the country’s economy, including the agricultural sector.

He said the meetings and consultations would 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.