Nigerian Agricultural Insurance Corporation

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Background Information:
The scenario before the advent of NAIC was such that farmers kept suffering losses on their investment on seasonal basis with no means of going back to production, such farmers, having lost hope of going back to production, started moving into cities in droves in search of easy means of livelihood. This situation led continually to the depletion of farming populace, a clear threat to food security. The Federal Government therefore took a careful look at the situation and decided to establish NAIC to address the dangerous trend.

Establishment:
Nigerian Agricultural Insurance Corporation is wholly owned by the Federal Government of Nigeria. It was establish in 1987 to provide risk cover to Nigerian farmer’s. It is also the only existing insurance company owned by the Federal Government due to its unique socio–economic benefits to the populace.
The need for a specialized Agricultural Insurance Company to provide insurance cover to farmers was informed by Government's concern over the vacuum created due to the unwillingness of conventional Insurers to accept Agricultural risks which they considered too risky. The implementation of the scheme was thus initially vested in the Nigerian Agricultural Insurance Company limited, which later turned into a corporation in 1993 by enabling decree No. 37 of 1993.

Learn about the Nigerian Agricultural Insurance Scheme

Achievements of the Nigerian Agricultural Insurance Scheme

VISION
To remain the pioneer and leader in the country’s Agricultural Insurance, providing professional insurance and extension services that will help to promote investments in the Agricultural sector in line with National policies, while at the same time extending our expertise to conventional insurance.

MISSION
To be at the centre stage of the country’s efforts towards a planned and sustained growth in Agriculture aimed at self sufficiency in food and fiber products, optimum foreign exchange earning and mass gainful employment, by providing insurance cover to farmers who invest their resources in Agriculture against some perils, in a well harmonized manner that will encourage investments in Agriculture, since any loss arising from the insured perils will be indemnified in a timely and professional manner that will put the farmer back to business.