In its drive to promote food security, the Nigerian Agricultural Insurance Corporation (NAIC) has 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, made this known in Abuja during a meeting with a delegation from the United Arab Emirates (UAE).
According to her, 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 N3.88 billion, added that 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 Federal Capital Territory (FCT), Abuja.
She highlighted that the comprehensive approach to the administration of agricultural insurance won the country’s multiplier effects in the 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
She said: “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.”
Mrs. Joseph further explained that the activities and programmes of the corporation, 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 stated that her management was ready to explore viable opportunities to collaborate with progressive agencies and organisations to consolidate the gains.
Her words: “It is imperative to emphasise that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country, adding that over the last 37 years of the nation’s independence, Nigeria has continued to effectively manage this objective.”
While recognising 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.
Mrs Joseph said these advancements have not only revolutionised 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 were open to partnerships with the UAE in all of these areas to produce enough for the country 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 is 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 further said.
She acknowledged the potential for collaboration between Nigeria and the UAE, saying that the corporation was committed to collaborating and exploring opportunities towards mutually beneficial partnerships between the two countries to leverage their respective expertise, resources, and networks.
Speaking earlier, the leader 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 mutually beneficial cooperation and partnerships affecting the economies of the two countries, particularly on agricultural production and food security initiatives.
