The Managing Director, Nigerian Agricultural Insurance Corporation (NAIC), Mrs. Folashade Joseph, has promised to ensure the implementation of the insurance component of Commercial Agriculture Credit Scheme (CACS).
She spoke yesterday in Lagos at the opening of a capacity building programme organised to enlighten the Agric Desk Officers of commercial banks on how to implement the risk component of CACS.
She said: “NAIC is committed to forging the appropriate partnerships with deposit money banks (DMBs) in the fulfilment of their mandate by the provision of the appropriate risk management services to the Agric investors bring financed by the banks.
“ The deposit money banks and other financial institutions have been NAIC’s major distribution channels over the years with the DMBs, as credit providers, and NAIC, as risk management service provider.”
Stressing the readiness of NAIC to improve its services to conform with modern realities, she said: “I wish to state that NAIC is poised to improve its services in the area of product development, claims payments, valuable farm extension services across the entire agric value chain.
“Risk management remains an integral part of modern day agric financing model, as such the CBN (Central Bank of Nigeria) had deemed it fit to ensure that any agric investor accessing the CACS facility must have the project insured by NAIC as stated in the current lending guidelines for CACS loan to protect the project from failing due to unforseen risks.”