The Nigerian Agricultural Insurance Corporation (NAIC) said it has provided  cover worth ¦ 1.014 trillion to the agricultural sector in the last five years.  

The Managing Director (MD) of the corporation, Mrs.   Folashade Joseph disclosed this in Abuja on Monday, while hosting a delegation from the United Arab Emirates (UAE).

According to Joseph     about 1.25 million farmers were provided insurance coverage, adding that the insurance premium collected by the organisation within the period under review was about ¦ 8.56 billion.

She said the Corporation settled claims of about N3.08 billion, while it  reached over 516,000 farming communities with its sensitization programmes.

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 activities and programmes of the Corporation, the MD explained, were in alignment with the Renewed Hope Agenda of President Bola Ahmed Tinubu’s Administration aimed at achieving food security, economic growth and job creation, poverty eradication, inclusivity, security, access to capital across all sectors.

She said NAIC was prepared to partner with the United Arab Emirates (UAE) authorities especially in the adoption of cutting-edge technologies and innovative farming methods like 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.

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