FG Grants NAIC $5m To Revamp Agric Insurance

In a bid to reform and re
    position agricultural insurance as well as drive increased risk management services in the country.  The Federal Government has released the sum of $5 million (about N1, 130 million) to the company (NAIC).
This was disclosed by the Minister of Agriculture and Rural Development, Dr Akinwumi Adesina in Lagos recently at the inauguration of NAIC, Lagos Head Officer Annex.
According to the minister, who gave the directive for the release of the funds to NAIC. It was meant to support the agency’s institutional reforms, strengthen its operations and roll out more agriculture insurance products.
He stated that the gesture was to ensure that the administration delivered flawless and efficient risk management services to stakeholders in the nation’s agric sector.
The minister, who was represented by the Director, Ministry of Agriculture and Rural Development, South-West zone, Mr Olaekan Quadri, urged NAIC to spring into immediate action as well as collaborate with global reinsurance companies to make agricultural insurance in Nigeria attain global standard.
With agricultural being repositioned as the lifeline of the national economy through the transformation of the agricultural sector to create jobs and revive the rural economy, Adesina noted that within the past three years, over 14.5 million farmers of which over 2.5 million women have received farm inputs directly through the e-wallet scheme of the GES.
He explained further that the federal government through the ministry has also developed policies and risk transfer systems to protect farmers from the effects of climate change.
Adesina also said the measures through the ATA ad enabled the sector to stabilize the country’s economy despite the depreciation in the value of the naira and the collapse in crude oil prices, food prices have been largely stable.
Speaking at the event, the chairman, Board of Directors of NAIC, Mrs Chioma Ohakim who confirmed the decline in the nation’s food import bill by 408 per cent pledged the commitment of her ogranisation to ensure the effective use of the funds to actualise its set objective.
The goal of the federal government is to ensure that over 15 million farmers are covered by crop and livestock insurance in 3 years time.