LCCI to boost food production through agricultural insurance -- Official
The Lagos Chamber of Commerce and Industry (LCCI) is set to promote agricultural insurance to enhance food production in the country, Mr Gboyega Olanbiwoninu, its Chairman, Insurance Trade Group, has said.
Olanbiwoninu told the News Agency of Nigeria (NAN) on Thursday in Lagos that the aim was to mitigate losses suffered due to the outbreak of pests and effects of climate change.
Besides, Olanbiwoninu said that it would reduce food prices and sustain the country’s level of food production.
According to him, lack of agricultural insurance portends a risk not only to farmers but to the entire agribusiness value chain.
“It is a threat to the country’s goal of achieving food sufficiency and the high cost of food has left many families under the threat of hunger.
"Most farmers have also lost their source of livelihood because of the various risks they are exposed to," he said.
Olanbiwoninu added that the chamber intended to achieve this through strategic partnerships and collaboration with relevant stakeholders in the country.
He said that the group would be looking at the agriculture, real estate, mining and solid minerals sectors, where insurance penetration was very low.
He said that President Muhammadu Buhari was very passionate about the growth of the agricultural sector and with the support of the Bank of Industry (BoI) and other financial institutions, the group would succeed.
"For farmers that cannot access loans, we will reach out to them because they are also vital to the success of the programme.
"One of the things that we have done is to make presentations to the various agricultural groups.
"Gone are the days when claims were not paid, insurance companies have recapitalised, they have sufficient liquidity to deliver this solutions to farmers.
"Fortunately, more insurers are beginning to embrace agric insurance as an avenue for increasing insurance penetration in the country," he said.
He urged all stakeholders to embrace the solutions that would boost food supply and the socio-economic fortunes of Nigerians.