AIICO Insurance Plc has called for collaborative effort among stakeholders to revitalise the agricultural sector.
Making a presentation on Agricultural Insurance at the annual AIICO Insurance training for members of the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, Mr. Leonard Okereafor, Agric & Emerging Risk Manager of AIICO, stated that the role of insurance in the sustainability of Nigeria’s agric/ agribusiness sector cannot be over emphasized.
Okereafor listed the benefits of insurance to farmers to include income stability, facilitates access to loan, enhances strategic partnerships, peace of mind, and is a source of effective risk management.
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He said: “There is a need to develop a workforce with new skills, values and attitudes to enhance improved productivity and ensure food security. One of the key drivers for transformation is agribusiness.”
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According to him, agriculture is the practice of cultivating land, raising crops, and rearing livestock, while agribusiness is the input supply, farming operations, processing and manufacturing, distribution and marketing, retail and export, economic and business aspects of agriculture.
“While the scope of agriculture focuses on farming practices, agribusiness encompasses the entire value chain. In respect to scale, agriculture includes small-scale and subsistence farming, while agribusiness involves larger-scale commercial operations. Also, while the focus of agriculture prioritizes food production, agribusiness emphasizes profitability and market competitiveness.”
Okereafor listed the agribusiness value chain to include input supply, production, post-harvest services, trading post harvest, processing, trading processed items, as well as retail.
He however noted that constraints to the development of agribusiness in Nigeria include: limited access to modern agricultural technology, inadequate extension education/services, absence of robust market links, issues surrounding inputs, agricultural credits, inadequate availability and access to financial solutions.
According to him, AIICO’s agricultural insurance offerings to Nigerian farmers and agribusiness investors fall under Indemnity and Index-based.
