Due to failure of insurance companies to provide products for both large scale and small-scale farmers, Nigeria’s agriculture sector loses about N20billion annually.
They hinted the need for insurance companies to provide agricultural products mostly to small farmers.
During the National Insurance Brokers’ Conference recently held in Lagos, insurance companies were urged to assist poultry and rice farmers associations to enhance agricultural produce.
According to the executive director, Dr. Kolade Adebayo, who spoke on the theme, ‘Insurance industry: Survive, thrive’, the farming industry is faced with several risks but lacks the solutions for most of the risks.
The absence of insurance products for small farmers is costing the agriculture sector over N20 billion annually.
The agricultural sector needs insurance products that will aggregate small farmers cooperatively and provide for them, so that agricultural produce can be enhanced.
Also, the livestock business in Nigeria is still stunted because over the years there has not been insurance support” to give it a boost.