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INSURANCE AND AGRICULTURE IN NIGERIA

Updated on May 8, 2011

Insurance is a protective guard against our assets that people take. Car insurance, home insurance, life insurance, etc have gained reasonable grounds in Nigeria but, the agric insurance has been sent to the background and neglected for a very long time.

One notion I will like to clear at this point is- insurance cannot prevent an incident from happening but, will re-instate the victim or the beneficiary of the insurance. The federal government of Nigeria has done her part in development of overall insurance sub sector of the economy by establishing an insurance agency that will specifically attend to the plight of the poor farmers especially in the rural areas and the hinterlands.

NAIC (Nigeria Agricultural Insurance Corporation) is a fully government owned corporation in Nigeria that is charged with the responsibility of insurance of agricultural produce. NAIC have offices strategically located in areas that are accessible by farmers all over the country.

THINGS TO INSURE WITH NAIC

Maize

Rice

Cattle

Poultry

Crop items

PROCEDURE FOR TAKING UP A POLICY WITH THE NAIC FOR YOUR CROP

Fill a proposal form filled. This will contain the basic information about the farmer. This form will allow the NAIC to assess the risk to be sure it is not a naked risk. After this, the contract will then be entered. Note that no contract in entered into until premium is paid.

HOW DO YOU COVER CATTLE?

 The procedures are basically the same with crop insurance coverage. Factors that needs to be covered include; the purpose of raising the cattle, the greasing method, the condition of raising the animals. This again will help NAIC determine the risk exposure and then fix adequate premium. The services of veterinary doctors, animal scientists, agric economists, etc are employed to facilitate contractual agreement.

The basic documents needed are the farm record and certificate of incorporation. NAIC covers both large, medium, and small scale farm

TRUST IN THE NIGERIANS INSURANCE INDUSTRY

Until recently, Nigerians have no trust and confidence in the insurance industry of Nigeria. Past ugly incidences all contributed to the backwardness in the insurance sector of Nigeria’s economy.

DO YOU HAVE A FARM?

See results

CALL TO SERVE

If you stumbled on this hub by accident, make it point of duty to share this hub with your friends and family members who have not been opportune to reap the benefits of agric insurance in this country. Also, do the word of mouth spreading of the message. Don’t allow the desire to resuscitate agriculture that has just re-entered our mind and the mind of our leaders die. Agriculture must take back its rightful position in our economy.

Yeah! Come to think of it, how many Nigerians do you think have mini farm? Everybody is now clamouring for white-collar job to the detriment of agriculture and other real sector. I encourage you now to join this fight against food crisis that is looming in Nigeria and set up a mini farm today, off I go to my farm.

Long live the Federal Republic of Nigeria!

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