Insurer seeks collaboration to revive agric economic sector

An underwriting firm, AIICO Insurance Plc has called for a collaborative effort among stakeholders to revitalise the agricultural sector.

Making a presentation on agricultural insurance at the yearly AIICO Insurance training for the Nigerian Association of Insurance and Pension Editors (NAIPE) in Lagos, the Agric and Emerging Risk Manager, Leonard Okereafor, said the role of insurance in the sustainability of Nigeria’s agriculture and agribusiness sector cannot be overemphasised.

Okereafor outlined the benefits of insurance to farmers to include income stability, facilitating access to loans, enhancing strategic partnerships and effective risk management.

According to him, there is a need to develop a workforce with new skills, values and attitudes to improve productivity and ensure food security.

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 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, and inadequate availability and access to financial solutions.