NIGERIAN AGRICULTURE INSURANCE CORPORATION
Prior to the establishment of NAIC, Nigerian farmers suffered various losses on their investment and had no means of going back to production. The frustration made them to move into cities in droves in search of easy means of livelihood. This situation led to depletion of farming populace, which was a serious threat to food security. The Federal Government was disturbed by the ugly trend, hence the establishment of NAIC to address the need of farmers.
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.
This led to the establishment of the Nigerian Agricultural Insurance Scheme on 15th of November, 1987.The implementation of the Scheme was initially vested in the Nigerian Agricultural Insurance Company Limited, which was later incorporated in June, 1988 but later turned into a Corporation in 1993 by the enabling Act 37 of 1993.
Nigerian Agricultural Insurance Corporation is therefore a wholly-owned Federal Government of Nigeria insurance company set up specifically to provide Agricultural risks insurance cover to Nigerian farmers.According to Act No.37 of 1993 enabling the Corporation, its functions include the following:
1. To implement, manage and administer the Agricultural Insurance Scheme established by section 6 of Act No. 37 of 1993
2. To subsidize the premiums chargeable on selected crops and livestock policies from the grants obtained from Federal and State Governments as well as from Federal Capital Territory, Abuja.
3. To encourage institutional lenders to lend more for agricultural production having regard to the added security for their loans provided by the Corporation.
4. To promote increased agricultural production generally by minimizing or eliminating the need for ad-hoc assistance previously provided by Governments during agricultural disasters.
5. To carry on insurance business on normal commercial basis and without subsidies on premiums as insurers of building, machinery, equipment and other items which form part of the total investment on farms and to re-insure this aspect of its operations through well established channels with reputable re-insurance companies.
6. To operate other types of insurance business as may be permitted by the Commission of Insurance at competitive premiums;
7. To do anything or to enter into any transaction that is calculated to facilitate the due performance of all its functions.
Product and Services of NIGERIAN AGRICULTURE INSURANCE CORPORATION
- Agricultural Insurance
- General Insurance
Contact of NIGERIAN AGRICULTURE INSURANCE CORPORATION
Plot 590, Zone AO
Central Business District
P.M.B. 0178, Garki-Abuja.
SM-(Claims & Reinsurance)
From Outside Nigeria: