Nigeria, Morocco Collaborate on Agric Insurance

  • Nigeria, Morocco Collaborate on Agric Insurance

Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country.

According to a statement, the committee comprises representatives of the Nigerian Agricultural Insurance Corporation, Bank of Agriculture, the Moroccan Agricultural Insurance Company, MAMDA and MAMDA RE.

During the inauguration of the committee in Abuja, the Managing Director, NAIC, Mrs. Folashade Joseph, said that in developing the insurance scheme, “the committee is expected to use parametric products and leverage the Moroccan model for crops covering selected areas of between 5,000 and 10,000 hectares of land.”

The statement quoted her as saying that the establishment of the committee was another step by government to boost agriculture as an alternative revenue earner for the country, “given the volatile nature and uncertain future of oil, which was until now the mainstay of the economy.”

With the growing challenges posed to agriculture by climate change, Joseph said there was need for Nigerian farmers to accept climate smart agriculture and embrace agricultural risk management.

The NAIC managing director said that NAIC would continue to develop partnership agreements and collaborate with international partners to develop and deploy insurance products that will help in managing emerging risks.

The Managing Director, Bank of Agriculture, Alhaji Kabiru Mohammed, said although the bank and NAIC had enjoyed a good relationship over a long time, there were new developments that made it important for them to strengthen the partnership to facilitate the realisation of the objectives of the Federal Government in repositioning agriculture.

Mohammed added that emerging realities in the country had made it imperative to change the mindset of farmers from the thinking that farming was no more than a traditional occupation.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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