The Nigerian Agricultural Insurance Corporation (NAIC) has provided insurance cover worth ₦1.014 trillion to the agricultural sector over the past five years.
The Managing Director (MD) of NAIC, Mrs. Folashade Joseph, revealed this information in Abuja during a meeting with a delegation from the United Arab Emirates (UAE).
Approximately 1.25 million farmers received insurance coverage, and the organization collected around ₦8.56 billion in insurance premiums during the period.
NAIC settled claims totaling N3.08 billion and conducted sensitization programs for over 516,000 farming communities.
Joseph said, “The Corporation therefore remains committed to its mission of enhancing agricultural productivity, thereby achieving food security and contributing to the overall growth and development of Nigeria.
“It is imperative to emphasize that the Corporation is dedicated to continuously reducing the risks associated with agricultural investments in the country.”
The Managing Director (MD) elaborated that the Corporation’s activities and programs were aligned with President Bola Ahmed Tinubu’s Renewed Hope Agenda.
This agenda aims to achieve food security, economic growth, job creation, poverty eradication, inclusivity, security, and access to capital across all sectors.
The MD expressed NAIC’s readiness to collaborate with United Arab Emirates (UAE) authorities, particularly in adopting advanced technologies and innovative farming methods such as hydroponics, vertical farming, and controlled environment agriculture.
Her words, “The Corporation is therefore fully committed to supporting initiatives that promote agricultural development, enhance food security, and strengthen the resilience of farmers, especially the smallholders in Nigeria.
“The Corporation is ready to engage in fruitful discussions to identify concrete opportunities for partnership with the UAE, believing that by joining forces and pooling our collective strengths, we can achieve greater impact and make significant strides towards advancing agricultural development and food security objectives in both our countries,” she said.
“The challenge of food security is indeed a significant one, but I am filled with hope and optimism that together, through our collective commitment, innovative thinking, and strategic collaboration, we can overcome and ensure that safe and nutritious food is readily available to our citizens.
The head of the UAE delegation, Khalid Al Mannaei, who is also the Chief Executive Officer of the Vice President’s Office for Political Affairs in the UAE, expressed that their visit to Nigeria was to engage in discussions and seek opportunities for collaboration with significant stakeholders in strategic sectors of the Nigerian economy, particularly in agriculture.
He mentioned that the discussions and consultations would result in a set of bilateral agreements focused on enhancing a mutually beneficial partnership between the UAE and Nigeria.
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