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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