The Federal Government has released the sum of N995.2m ($5m) to the Nigerian Agricultural Insurance Corporation (NAIC) for the development agricultural insurance in the country.
Minister of Agriculture and Rural Development, Dr. Akinwumi Adesina, revealed this information at the inauguration of Lagos head office annex of NAIC, he said “I have given a directive to NAIC to totally reform and reposition agricultural insurance. To ensure this, I have directed the release of $5m to NAIC to support its institutional reforms, strengthening of its operations and roll-out of agricultural insurance products.”
Adesina also said government had introduced the Growth Enhancement Scheme to provide subsidised farm materials to farmers through electronic coupons on their mobile telephones or the electronic wallet (e-wallet) scheme.
He said “Within the past three years, over 14.5 million farmers have received their farm inputs directly through the e-wallet scheme.”