The Federal Government has increased insurance cover for agriculture primary producers from 500,000 to 3.8 million. To make this happen, local and international partners will train insurance experts that will midwife the index based agricultural insurance introduced by the government.
The MD/CEO, Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Mr. Aliyu A. Abdul Hameed, said the organization is currently in talks with Royal Exchange Assurance, NIMET and CELLULANT for the development of a technology-driven Hybrid Index Insurance product that will include the Area Yield Index, Weather Index, and Price Index Insurance.
The organization is also exploring innovative insurance products for livestock to help stem the tide of herdsmen and farmer clashes. Acre Africa of Kenya is a major partner in this initiative, he added.