Business
Flooding: NAIC To Pay Farmers Compensation
The Nigerian Agricultural Insurance Corporation (NAIC) has promised to pay adequate compensations to insured farmers whose farmlands were ravaged by the recent flood disaster across the country.
Managing Director of NAIC, Mrs. Folashade Joseph, said this Abuja, Monday in a press statement made available to newsmen.
She said this had become imperative for farmers to take advantage of the agricultural insurance solutions of the corporation to insure their farms.
“To other farmers who might have suffered from losses arising from the floods but did not have NAIC cover, the corporation wishes to sympathise with and encourage them to take advantage of the agricultural insurance solutions of the corporation.
Joseph said that the corporation is mindful of its corporate responsibility to provide relief and plough farmers back to prosperity through the prompt payment of appropriate compensations.
The NAIC boss disclosed that the federal government had subsidised farmers’ insurance in the agricultural value chain by 50 per cent.
Joseph described the subsidy as an advantage for farmers to take and make sure that they insured their farms and remained in business in case of any disasters.
“The subsidy is 50 per cent reimbursable to the corporation by the federal and state governments.
“All these are efforts to provide a secure future to farmers and eliminate the need for unpredictable ad-hoc assistance when insurable losses occur,” she said.
She said that in view of the recent flood disaster across the country, the board and management of NAIC sympathised with the affected farmers.
Joseph advised farmers across the country to always inform the nearest NAIC office, in their state, of their travails so that appropriate support be extended to them.
Our source reports that apart from insuring the risk of loss of crops from flood, NAIC provides insurance against crop losses arising from fire, lightening, drought and pests.
Equally, the risks of death of, or injury to, livestock caused by accident, disease, fire, lightening, storm or flood are insured by NAIC.
The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.
In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.
NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.
Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.
A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.
However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.
The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.