WORLD BANK COMMENDS NAIC

The World Bank has commended the Nigerian Agricultural Insurance Corporation (NAIC) over its specialized service-delivery in the critical area of providing insurance covers to farmers for the purpose of mitigating crop failure and therefore reducing huge losses in the entire value chain of agricultural production and business generally.

The bank which expressed confidence in NAIC over the performance of the Corporation in the last two decades of existence, has also expressed its readiness to collaborate with the agency under a Technical Assistance Programme (TAP), which is aimed at boosting farm yields across the country.

In a statement made to the press, the Managing Director NAIC, Mr. Kwatri K. Yusuf disclosed that the World Bank representatives are scheduled to visit NAIC Corporate Office in Abuja next month, with a view to under-study the operations of the corporation as well as to seek collaboration in the bank’s effort to fashion out an indexed-based crop – insurance for the purpose of promoting the World Bank Commercial Agricultural Development in Nigeria.

Mr. Yusuf further underscored the benefits of the World Bank collaboration with NAIC in the drive to boost crop yield and therefore reduce crop losses and waste in the entire value chain of agricultural production for enhanced profitability of agric produce in the market place.

He also explained tat the World Bank has worked out a pilot scheme in 5 targeted states of Cross River, Enugu, Kaduna, Kano and Lagos with a view to boosting cultivation and higher yield in crops such as maize, rice, cocoa and palm oil in the 5 participating states across the country.

The Managing Director therefore urged all categories of practicing farmers, particularly large-scale farmers to avail themselves of the services of NAIC, whose collaboration with the World Bank is aimed at making agricultural business both attractive and profitable with the ultimate objective of providing adequate food security in Nigeria.

He further assured that sequel to the recent recapitalization in the insurance industry, NAIC has now been repositioned to provide adequate insurance cover to its growing clientele, in both the agricultural and conventional underwriting, adding that NAIC claims payment is always prompt after due process of evaluation is adequately carried out.

BUTROUS PEMBI
Head Corporate Affairs, NAIC