Food Security: Agric Projects Enjoy NAIC’s ₦1.014trn Insurance Cover In Five Years


BY EDMOND ODOK – Over ₦1.014 trillion worth of insurance cover have been enjoyed by agricultural projects across the country courtesy of the Nigerian Agricultural Insurance Corporation (NAIC).

According to the Managing Director of NAIC, Mrs Folashade Joseph, the stated amount cover provisions made by the Corporation over the past five years.

Speaking when a delegation from the United Arab Emirates (UAE) met her in Abuja, Mrs Joseph said about 1.25 million farmers enjoyed the insurance coverage, while about ₦8.56 billion was generated in insurance premiums within the period under review.

She said the Corporation, which incurred claims amounting to about N3.88 billion, settled about N3.08 billion in claims, while also covering over 516,000 farming communities with its sensitization programmes for 129,000 agricultural value chain actors across the 36 States and the Federal Capital Territory (FCT).

The NAIC Chief Executive said the comprehensive approach to the administration of agricultural insurance has a multiplier effect in the country’s economy, with farmers and value chain actors, trained during the sensitization programmes, going ahead to train others, resulting in improved agricultural productivity.

For her; “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 Johnson further explained that the NAIC’s programmes and activities align with the ‘Renewed Hope’ Agenda of President Bola Ahmed Tinubu’s Administration aimed at achieving food security, economic growth and job creation, poverty eradication, inclusivity, security, access to capital across all segments, and anti-corruption goals.

She said in recognition of the Corporation’s impact on the lives of farmers, its management would not relent in exploring viable opportunities to collaborate with progressive agencies and organisations to consolidate on the gains made so far.

“It is imperative to emphasize that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country,” she said, adding that over the last 37 years of the nation’s independence, Nigeria has continued to effectively manage this objective.

The Managing Director, who lauded the United Arab Emirates (UAE) for its remarkable accomplishments in the agricultural sector, said the Corporation was ready to partner with them, particularly in the adoption of cutting-edge technologies and innovative farming methods like hydroponics, vertical farming, and controlled environment agriculture.

She said these laudable strides have not only revolutionized the. UAE’s agricultural sector, but also enabled farmers to cultivate a variety of crops in a more sustainable and efficient manner while playing a pivotal role in enhancing food security, promoting sustainable development, and diversifying the country’s economy.

The NAIC’s boss, who told the delegation that Nigeria is open to partnership with UAE in all necessary areas to produce enough for Nigeria and exports, further assured that foreigners’ investments in Nigeria were safe with the Corporation as the country’s leading agricultural insurer.

She said NAIC would continue to play a pivotal role in providing risk management solutions to farmers, agric businesses, and other stakeholders across the agricultural value chain, stressing thus; “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.

“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”.

Furthermore, she said; “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”.

While acknowledging the potential for collaboration between Nigeria and the UAE, Mrs Johnson said NAIC was ready to explore opportunities toward mutually beneficial partnerships between the two countries leveraging on their respective expertise, resources, and networks.

Speaking earlier, the UAE Team Leader, 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 explained that 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.

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