The agricultural sector in Nigeria annually loses N20 billion, because insurance companies do not produce products for small farmers.
This was revealed at the 2018 National Insurance Brokers Conference and Exhibition in Lagos.
According to the executive director of Zynosism Nigeria Limited Colada Adebayo, “the lack of insurance products for small farmers annually estimates the agricultural sector at more than $ 20 billion.
“We need insurance products that will unite small farmers and provide them with coverage.
“Thus, insurance companies must deal with bird associations, rice associations, etc., so that agricultural production can be improved. AfDB approved $ 10 million for capital market operations, energy infrastructure
“Risk is an integral element of the agricultural industry, but the problem we face is that we do not have an insurance partnership to cover most of our risks.
“The Livestock Association usually organizes annual agriculture forums where we get together to discuss issues.
“For many years, we have always invited stakeholders from other sectors to plunder minds together in the direction of promoting rural business.
“For more than ten years, when we had this forum, while we had many representatives from other sectors, we see only one person from the entire insurance industry. This is not good for the insurance sector. ”