NAIC subsidises insurance cover for farmers by 50 per cent


The Nigerian Agricultural Insurance Corporation (NAIC) has offered Nigerian farmers a 50 per cent premium subsidy of insurance cover for some selected agricultural ventures.

The Managing Director of NAIC, Mrs Folashade Joseph, disclosed this during a farmers’ Sensitisation/Training program for farmers in the Federal Capital Territory (FCT).

Describing the package as first of it’s kind, Mrs Joseph said in this Premium Subsidy, farmers are expected to pay only 50 per cent of the premium, while the government pays the remaining 50 per cent.

“A unique benefit of NAIC insurance cover to farmers is the premium subsidy, whereby the farmer pays only 50 per cent of the premium while he needs not bother about the balance of 50 per cent which would be paid on his/her behalf by the Federal and State Governments as the case may be. I must emphasise that it is only in the Corporation that such provision is available and nowhere else,” she said.

Mrs Joseph, who was represented by the Director of Business Development of NAIC, Dr Victor Ofovbe urged the farmers to insure their farms with the Corporation so that they could enjoy the package.

“To this end, I urge our teeming farmers to insure their various agricultural projects with the Corporation, not only for one season but continually on yearly basis.

“By so doing, the Corporation would be in a better position to render the necessary risk management services that would not only keep such farmers in business all year round, but will also stabilise their income and pull them out of the mire of poverty and despondency occasioned by impact of natural perils on their investments,” she said.

Speaking generally on farm insurance, Mrs Joseph said the realisation of food security may not be feasible if agriculture is not properly insured against natural disasters.

“To realise the futuristic goal of food sufficiency/security, there is need for the enormous investment channelled to agriculture to be well secured against several perils that are always lurking around agricultural production including those occasioned by global climate change phenomenon.

“The above risk management techniques will complement focused crops management and meticulous animal husbandry by the farmer.

“As we are all aware, food security is an indispensable aspect of national security, and that is why the Nigerian Agricultural Insurance Corporation (NAIC) has taken it upon itself to carry out this sensitisation programme relentlessly for our teeming farmers across various states of the Nigerian federation.

“The Federal Capital territory lies within the vegetation belt that qualifies as the food basket of the nation in all ramifications. This is clear from the diverse agricultural produce coming out of the area councils in the FCT and its environs which include yam, plantain, banana, guinea corn, maize, cowpea.

“The livestock sector is not left out with production of prime poultry, fish, small ruminants such as pigs, goats, sheep, rabbits, cattle etc,” she added.

One of the farmers Ude Ekele, who spoke with Tribune Online at the training, said he had benefitted as a registered member with NAIC in past.

He said the training is an exposure to farmers who are not yet benefiting from NAIC, and also an improvement of what NAIC is doing to those who have been benefiting from the Corporation.

“The training is an exposure to people who have not been benefiting from NAIC activities, for some of us who have been benefiting, it is an improvement of what NAIC has been doing.

“I expect that at the end of this training, many people who have not been benefiting from NAIC activities will see the opportunity to key into what NAIC is doing.

“NAIC is a very good partner in agricultural business, they are there to help us, I know that farming is a very risky business, in crop, livestock, fisheries. Am very happy to be a participant in this training.

“I remembered a time ago I planted rice, but flood swept it off, I approached NAIC as a registered member, they came for my assistance, am so impressed, with about N500,000 as a compensation to what I lost,” he said.

Read Original Report Here By Tribune

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