The Nigerian Agricultural Insurance Corporation (NAIC) says it has provided insurance cover worth ₦1.014 trillion to agricultural projects across the country, all within the past five years.
Managing Director of the Corporation, Mrs Folashade Joseph, who disclosed this in Abuja 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 generating in insurance premiums over the period.
The visitng team from UAE is in Nigeria to hold discussions and explore opportunities for partnership and collaboration with key players in strategic sectors of the country’s economy that includes the agricultural sector.
The MD who said the Corporation also incurred claims totaling N3.88billion disclosed that the corporation settled about N3.08 billion in claims and reached over 516,000 farming communities with its sensitization programmes for 129,000 agricultural value chain actors nationwide.
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.
According to Folashade, the activities and programmes of the Corporation were in alignment with the President Bola Ahmed Tinubu led government’s agenda 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.
Khalid Al Mannaei, Chief Executive Officer of the Vice President’s Office for Political Affairs in the kingdom of the UAE is the leader of the visiting delegation.
In his submission, 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.
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