NAIC Insures ₦1.014tr in Agricultural Projects in Five Years
The Nigerian Agricultural Insurance Corporation (NAIC) has provided insurance coverage worth ₦1.014 trillion to agricultural projects across Nigeria in the past five years.
This level of insurance coverage underscores NAIC’s commitment to strengthen the nation’s agricultural sector and support farmers through risk management solutions.
Speaking at a meeting with a delegation from the United Arab Emirates (UAE) in Abuja, Mrs. Folashade Joseph, Managing Director of NAIC, revealed that approximately 1.25 million farmers received insurance coverage, generating ₦8.56 billion in insurance premiums during this period.
The Corporation also settled claims totaling ₦3.08 billion out of ₦3.88 billion incurred, highlighting its role in mitigating risks for farmers.
Mrs. Joseph emphasized the Corporation’s extensive outreach and education efforts, which have reached over 516,000 farming communities and trained 129,000 agricultural value chain actors across Nigeria’s 36 states and the Federal Capital Territory (FCT).
These efforts she said have created a multiplier effect in the economy, with trained farmers passing on their knowledge, thereby boosting 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.
Mrs. Joseph noted that NAIC’s activities “align” with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which focuses on achieving food security, economic growth, job creation, poverty eradication, inclusivity, security, and anti-corruption. The Corporation is eager to explore collaborations with progressive agencies and organizations to build on its successes.
The NAIC boss praised the UAE for its achievements in the agricultural sector and expressed NAIC’s readiness to partner with them, particularly in adopting innovative farming techniques such as hydroponics, vertical farming, and controlled environment agriculture. These advancements she said have transformed UAE’s agriculture, promoting sustainable development and enhancing food security.
“The Corporation is ready to engage in fruitful discussions to identify concrete opportunities for partnership with the UAE,” Mrs. Joseph said, emphasizing the potential for mutual benefits and advancements in agricultural development and food security for both nations.
She assured the UAE delegation, led by Khalid Al Mannaei, CEO of the Vice President’s Office for Political Affairs, that foreign investments in Nigeria are safe with NAIC as the country’s leading agricultural insurer. NAIC will continue to play a pivotal role in providing risk management solutions to farmers, agribusinesses, and 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,” she stated.
Joseph reiterated NAIC’s dedication to supporting initiatives that enhance food security and strengthen the resilience of Nigerian farmers, particularly smallholders.
She expressed optimism about the potential for strategic collaboration with the UAE, believing that joint efforts can significantly advance agricultural development and food security in both countries.
Al Mannaei revealed the UAE’s interest in forming partnerships with key players in Nigeria’s strategic sectors, including agriculture.
He noted that their visit aims to explore opportunities for collaboration, culminating in bilateral agreements that will benefit the economies of both nations, particularly in agricultural production and food security initiatives.
SOURCE: The Nation
