NAIC Offers N1.01 Trillion Insurance Coverage to Farmers

Farmers harvesting vegetables
Farmers harvesting vegetablesGoogle Photo

The Nigerian Agricultural Insurance Corporation (NAIC) has provided ₦1.014 trillion in insurance cover to agricultural projects across the country over the past five years.

This was disclosed by the Managing Director of the corporation, Mrs. Folashade Joseph, during a meeting with a delegation from the United Arab Emirates (UAE).

According to Joseph, the insurance coverage was provided to around 1.25 million farmers, and the organization collected about ₦8.56 billion in insurance premiums during the period.

The corporation also settled claims worth approximately ₦3.08 billion and reached over 516,000 farming communities through its sensitization programs.

Joseph emphasized that NAIC remains committed to enhancing agricultural productivity, achieving food security, and contributing to Nigeria's overall economic growth and development.

She stated that the corporation's activities are aligned with the Renewed Hope Agenda of the current administration, which aims to address food security, economic growth, job creation, poverty eradication, and access to capital across all sectors.

The NAIC Managing Director expressed the corporation's readiness to partner with the UAE authorities, particularly in adopting cutting-edge technologies and innovative farming methods, such as hydroponics, vertical farming, and controlled environment agriculture.

She believes that by collaborating and pooling their collective strengths, NAIC and the UAE can make significant strides towards advancing agricultural development and food security objectives in both countries

The leader of the UAE delegation, Khalid Al Mannaei, the Chief Executive Officer of the Vice President's Office for Political Affairs in the UAE, stated that the purpose of their visit was to hold discussions and explore opportunities for partnership and collaboration with key players in Nigeria's strategic sectors, including the agricultural sector.

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