NAIC insures N2.7bn crops, livestock in Cross River

The Nigerian Agricultural Insurance Corporation (NAIC) has insured farm crops and livestock worth over N2.7 billion, chairman of the board of directors of the company, Mrs Lady Chioma Ohakim, has said. Speaking in Calabar when she called on the state governor, Senator Liyel Imoke, Mrs Ohakim said: “In the last five years, the corporation has […]

The Nigerian Agricultural Insurance Corporation (NAIC) has insured farm crops and livestock worth over N2.7 billion, chairman of the board of directors of the company, Mrs Lady Chioma Ohakim, has said.
Speaking in Calabar when she called on the state governor, Senator Liyel Imoke, Mrs Ohakim said: “In the last five years, the corporation has insured both crops and livestock of Cross River State’s farmers worth well over N2.7 billion with amount of claims paid in the same period totaling N23.2 million.”
She said a salient feature of the Nigerian Agricultural Insurance Scheme is the subsidy that farmers enjoy on selected crops and livestock, adding that for such items, the farmers pay only 50% of the premium while the federal government pays 12.5%.
She, however, solicited the support of the state government towards complementing the corporation’s efforts in spreading its activities to the populace because Cross River has a large agrarian population and huge agro investment potentials.
Ohakim also appealed: “The state should continue on this positive trajectory by settling its outstanding premium subsidy obligation of about N3,092,579.440 million for the period between 2009 and 2013.”
The chairman further disclosed that the corporation insures agricultural investments such as farmlands, tractors, heavy duty machines, vehicles and all other government owned means of economic productions.
She announced that they will soon hold a retreat in Calabar as a way of identifying with the agricultural achievements of the state.
Addressing the team, Governor Imoke said that it was proper for rural farmers to avail themselves of the statutory functions and mandate of NAIC.
Represented by the Deputy Governor, Mr. Efiok Cobham, Imoke said: “If properly structured, farmers will find succor in NAIC objectives and I therefore call for a synergy between the Ministry of Information and the Department of Orientation to educate farmers against losses and the need to embrace the vision of the scheme.
He decried the situation where agriculture still remains at the subsistence level, adding that it still offers more in curbing economic challenge.