Nigerian Government Covers Risks for 199,000 Farmers

The Nigerian government, through the Nigerian Agricultural Insurance Corporation (NAIC), has disclosed that it has provided risk coverage for over 199,275 farmers, valued at N700 billion over the past two years. This initiative, announced by the Minister of Agriculture and Food Security, Abubakar Kyari, in Abuja, is part of efforts to strengthen the country's food production system.

The risk coverage aims to deepen agricultural financing, reduce risks associated with farming, and attract investments in the sector. Kyari emphasized that the insurance support is designed to enhance farmers' capacity to manage production risks caused by climate shocks, pests, diseases, and uncertainties.

The NAIC's intervention has not only protected farmers but also stimulated activity within the agricultural insurance industry, generating N2.43 billion in premium income and paying out N200 million in claims to affected farmers. The government is also focusing on increasing agricultural productivity through various initiatives, including the distribution of 1.9 million bags of fertilizer and the introduction of improved crop varieties.