NAIC Engages Agric Stakeholders For Robust Database
In a bid to deepen agricultural insurance in the country, the Nigerian Agricultural Insurance Corporation (NAIC) has initiated discussions with important organs of government and other stakeholders to create a database for farmers and those in the agricultural value chain.
The aim is to help the insurance corporation to identify challenges, monitor farm processes and storage, limits insecurity and also ensure that the targetted beneficiaries of the government agricultural programmes truly get it.
Consequently, NAIC is currently discussing with the Federal Ministry of Agriculture, the Central Bank of Nigeria (CBN) and 42 farmers’ groups in the country for robust data on the operators in the sector.
Managing Director, NAIC, Folashade Joseph said the corporation has objectives that require correct data on farmers and others for its achievements.
“If we have this, it will help us to monitor our farm processes, storage. it will also help us as an insurance company in the agric sector to deploy products that will be useful to the industry.
“Data for farmers will help us know how many farmers we have in each state and what each person is into such as rice production, maize, cassava and even processing of the produce. This is very important so that we can effectively monitor and improve on our processes.”
Once this is achieved, NAIC will deploy drones once necessary licensing and regulatory approvals have been done; to inspect and monitor farmlands against flood and insecurity.
This, she pointed out, is one of the strategies by the firm to improve service delivery to policyholders, saying, the drone is not active for now as NAIC is in the process of obtaining a license to engage in such venture.
Index insurance thrives on effective and sustainable data which NAIC, according to its boss, requires to provide the needed cover to the farmers as well as meet their other needs.
The corporation has engaged 42 farmers’ organisations in the country including the All Farmers Association of Nigeria (AFAN) and other single-commodity associations such as Rice Farmers Association of Nigeria (RIFAN), Maize Association of Nigeria (MAAN), Maize Growers, Processors and Marketers Association of Nigeria (MAGPAMAN), Cashew Growers Association, Yam Growers Association, Cassava Grower Association, Cotton Planters Association, Poultry Association of Nigeria, etc.
Their needs centre around the provision of insurance cover; advisory services on improved and modern crops; production systems and sound animal husbandry; prompt settlement of claims and introduction of new products.
‘The above and more are their expectations from NAIC and which the managing director said the Corporation has continued to meet while also improving on the relationship with the farmers’ associations.
“Two testimonials on this relationship are the number of these associations whose projects are currently being insured by the Corporation and the fact that the President of All Farmers Association of Nigeria (AFAN), Kabir Ibrahim is regularly in touch with the Corporation.
Claims analysis of the corporation over the past five years show that N2.5 billion have been paid to about 284,223 farmers between 2016-2020.
The breakdown shows that N260.97 million was paid in 2016 to 141,061 farmers; while 71,278 farmers got N150.7 million claims in 2017.
In 2018, N327.1 million was paid to 14,897 farmers, while in 2019 and 2020, 12,678 and 44,307 farmers received the sum of N877,250,976.30 and N874,305,579.64 respectively as claims.
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