The Nigerian Agricultural Insurance Corporation (NAIC) provided insurance cover worth ₦1.014 trillion to agricultural projects across the country in the past five years.
The Managing Director of the Corporation, Mrs Folashade Joseph, who disclosed this in Abuja on Monday during a meeting with a delegation from the United Arab Emirates (UAE), said about 1.25 million farmers were provided insurance coverage, while about ₦8.56 billion was generated in insurance premiums over the period.
The MD who said the Corporation also incurred claims totaling N3.88billion, said it settled about N3.08 billion in claims, in addition to reaching 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 that the comprehensive approach to the administration of agricultural insurance win the country has recorded a multiplier effects in the country’s economy, as farmers and value chain actors who received training during the sensitization programmes have gone ahead to train others, resulting in improved agricultural productivity.
“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.
The activities and programmes of the Corporation, the MD explained, were in alignment 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.
In recognition of the significant impact of the Corporation on the lives of farmers in the country, Mrs Joseph said his management was ready to explore viable opportunities to collaborate with progressive agencies and organisations to consolidate on the gains.
“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.
While recognizing the United Arab Emirates (UAE) for its remarkable accomplishments in the agricultural sector, she 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 advancements have not only revolutionized 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 in particular and Nigeria at large was open to partnership with UAE 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.
“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,” 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,” the MD said.
She acknowledged the potential for collaboration between Nigeria and the UAE, and said the Corporation was committed to collaborate and explore opportunities toward mutually beneficial partnerships between the two countries to leverage their respective expertise, resources, and networks.
Earlier, the leaders of the UAE 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
