The Nigerian Agricultural Insurance Corporation (NAIC) says the Federal Government is subsidising farmers’ insurance in the agricultural value chain by 50 per cent.
The Managing Director of NAIC, Mrs Folashade Joseph, disclosed this in Abuja on Monday while briefing newsmen on the activities of the corporation.
“We want to use this opportunity to encourage farmers to embrace insurance.
“Government has subsided insurance for farmers by 50 per cent. For instance, for crops, if you are to pay a premium of N4, NAIC will charge farmers N2.
“That is 50 per cent of subsidy for farmers across the agriculture value chain. So it is an advantage for farmers to take and make sure that they insure their farms and remain in business in case of natural disasters.
“That is what will sustain the farmer across the agriculture value chain. It is the focal point of the government and insurance is very key,” she said.
The NAIC boss urged farmers to insure their farms against natural disasters such as flood, diseases and erosion.