Nigeria’s agricultural sector loses N20 billion yearly because insurance firms do not make products to cover small farmers.
This was revealed at the 2018 National Insurance Brokers’ Conference and Exhibition in Lagos recently.
According to the Executive Director of Zynosism Nigeria Limited Kolade Adebayo, “The absence of insurance products for small farmers is costing the agricultural sector over N20 billion annually.
“We need insurance products that will aggregate small farmers cooperatively and provide cover for them.
“As such, insurance companies need to deal with poultry associations, rice farmers association and so on so that agricultural production can be enhanced. AfDB approves $10m for capital market operations, energy infrastructure
“Risk is an integral element of the farming industry, but the challenge we are having is that we don’t have the insurance partnership to cover most of our risks.
“The association of livestock farmers usually organize annual agric forums where we come together to discuss issues.
“For years we have always invited stakeholders from other sectors to rob minds together on ways of moving agric business forward.
“For over ten years that we have been having this forum, while we have had many representatives from other sectors, we only see one person from the whole of the insurance industry. This is not good for the insurance sector.”