A committee comprising of Nigeria Agricultural Insurance Corporation (NAIC), Bank of Agriculture (BOA), the Moroccan agricultural insurance company, have set up a committee to develop a sustainable crop insurance scheme.
The committee is expected to use the parameter of crops covering between 5,000 to 10,000 hectares as a model for developing the insurance scheme.
NAIC’s boss, Mrs. Joseph said the setting up of the insurance committee was part of the steps of government at boosting agriculture as an alternative money earner.
The initiative was a product of the 15 bilateral agreements President Buhari signed with his Moroccan counterpart, King Mohammad VI when he visited Nigeria last year December.
Mrs. Folashade Joseph added that with challenges posed by climate change, farmers need to accept climate-smart agriculture and that NAIC would continue to collaborate with International partners to develop and deploy insurance products that would help in managing emerging risks.
She assured BOA of her organization’s continued support to the bank, which had been providing risk management services to agricultural investors and farmers, by promising to promptly pay all the claims given to farmers.
On his own part, the MD of BOA, Alhaji Kabiru Mohammed said although BOA and NAIC had been partners for long years, there was the need to strengthen the partnership again so as to make the FG’s vision of repositioning agriculture a reality.
Alhaji Kabiru believes there is big money in agriculture only that the practitioners must do it properly and strategically hence, the need to change the mindset of farmers from thinking that farming is just a traditional occupation.