The Federal Government,
yesterday, disclosed that it was working with a Kenyan firm to develop
innovative insurance products for livestock in order to end the incessant
herdsmen and farmers clashes in the country.
The Managing Director of Nigeria
Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), Mr.
Aliyu Abdulhameed, revealed this while speaking at a workshop on Index-Based
Agriculture Insurance (IBAI).
Abdulhameed also disclosed that
25,000 farmers had subscribed to IBAI scheme.
The MD noted that in addition to
the partnership with the Kenyan firm, the Federal Government had recently
signed partnership agreements with a leading Moroccan agricultural insurance as
well as a reinsurance company to provide technical support in expanding the
range of agricultural insurance products in Nigeria.
He said, “NAICOM has been
instrumental in achieving this feat. Today, we are happy to report that we have
an index-based yield insurance product that covers risks from disease, weather,
natural disasters and several other external factors. Since the launch of the
insurance product, six months ago, over 25,000 Smallholder farmers have
subscribed to it.”
Also speaking, Commissioner for
Insurance, Alhaji Mohammed Kari, said the Index Insurance was a new concept in
Nigeria and in sub-Sahara Africa.
Kari added that it was pertinent
to build capacity to enhance progress in the drive to achieve efficiency and
effectiveness in underwriting index-based agricultural insurance in Nigeria.
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