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NAIC insures crops, livestock for N2.7billion

By BusinessNews Staff on October 24, 2014

The Nigerian Agricultural Insurance Corporation (NAIC) has announced that it has insured crops and livestock in Cross River State to the tune of N2.7 billion.
The Corporation also disclosed that it has paid N23.2 million claims to farmers in the state.
Chairman Board of Directors of NAIC, Mrs. Chioma Ohakim, made the revelation in Calabar when she led a contingent from the corporation to pay a courtesy call on the governor of the state, Liyel Imoke.
Ohakim urged the state to continue on this positive trajectory by settling its outstanding premium subsidy obligation of N3,092,579.440 million for the period between 2019 and 2013.
Ohakim said the NAIC operates the Nigerian Agricultural Insurance Scheme, which is a programme that ensures that farmers enjoy subsidy on selected crops and livestock.
She said for such commodities, the farmers are required to pay only 50 per cent premium, while the federal government will pay 12. 5 per cent.
Ohakim disclosed that the Corporation insures agricultural investments such as farm lands, tractors, heavy duty machines, vehicles and all other government owned means of economic productions.
On its proposed retreat in Calabar, she said: “It is pertinent to state here that Cross River State has become one of the best tourist destinations, not only in Nigeria, but in Africa.”
She craved the support of the state government towards complementing efforts of the NAIC to get its message to a larger section of farmers and interested stakeholders in the state agricultural sector.
According to Ohakim, this has become necessary because Cross River has a large agrarian population and huge agro investment potentials.
In his remarks, Imoke urged NAIC to fashion ways of reaching out to farmers on how they can benefit from its schemes.
The governor said it was proper for rural farmers to avail themselves of its statutory functions and mandate.
Imoke who was represented by his deputy, Mr. Efiok Cobham, said: “If properly structured, farmers will find succour in your objectives and I therefore call for a synergy between Ministry of Information and Department of Orientation to educate farmers against losses and the need to embrace the vision of the schemes.”
“That agriculture remains the main stay of the economy hence when we came into office; we made it more attractive particularly to the younger generation.”
He added: “We try to be much more a regulator without involving in direct agriculture; we provide a regulatory environment to ensure that activities to boost efficiency in the sector are carried out.
“For us, agriculture has a direct relationship with land and during farming season, there are conflicts which farmers incur losses, so your enlightenment exercise will acquaint our farmers of your functions and how the scheme could be of benefit to them.”