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22 Oct 2015

Kogi launches online agric market for farmers

The Federal Government says it is planning to increase the number of farmers under insurance coverage from 500,000 to 3.8 million through the recently launched index-based agricultural insurance scheme.

Managing Director of the Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL), Aliyu Abdulhameed, said the organisation was partnering the Royal Exchange Assurance, the Nigerian Meteorological Agency (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.

Abdulhammed said that the four agencies would also develop insurance schemes to help end the persistent farmer-herder clashes, noting that the agency’s operations were anchored on five pillars.

“These are risk sharing facility pillar ($300 million), insurance pillar ($30 million), technical assistance pillar ($60 million), rating pillar ($10 million) and incentives pillar ($100 million),” he noted,” Abdulhameed who was speaking at a forum on insurance in Abuja said.

While stating that his organisation was not mandated to provide insurance services, Abdulhameed said that the organisation was concerned about developing effective agricultural insurance products for agricultural value chain players as well as providing a linkage between insurance products and agricultural loans.

“In our quest to build a viable and sustainable agro economy where smallholder farm yields are guaranteed, and projected incomes protected, NIRSAL, throughout 2017, worked with a consortium of underwriters (NAIC, Leadway, IGI, AXA Mansard) to develop the Area Yield Index Insurance (AYII) product,” he said.

The NIRSAL boss said with support from the National Insurance Commission (NAICOM), the insurance roadmap that covered risks such as disease, weather, natural disasters and several other external factors was launched, adding that over 25,000 smallholder farmers had subscribed to it since it was launched six months ago.

Commissioner for Insurance, Mohammed Kari, noted that the partnership between NAICOM and NIRSAL had been very successful, adding that product approval had been granted to five companies participating in the pilot scheme, with the number expected to grow to 20 in the future.

20 Oct 2015

Nigeria’s non-oil export to grow to N5trn – NEPC

Nigerian Export Promotion council (NEPC) says the Federal Government has concluded plans to grow Nigeria’s non-oil export earnings from the current N1.5 trillion to N5 trillion between the next three and four years.

NEPC Executive Director, Mr. Segun Awolowo, who announced this at a Round Table Export and Exhibition on Export Competency Development Programme recently in Abuja, said the earnings could rise to more than N10 trillion or $30 billion in the future, if there was support from the government.

He stated that Nigeria could earn $13 billion annually by 2025 from cocoa exports according to findings from studies conducted by the Council and the Applied Management Research Team of the University of California, Los Angeles last year.

Awolowo noted that Nigeria had the capacity to attract key global players in the sector through forward integration in global value chain.

He stressed that Nigeria’s exports in 2017 witnessed some positive developments given the establishment of cashew plantations across the country.

He revealed that only 10 per cent of Nigeria’s annual cashew production of 150,000 tonnes, were processed in Nigeria.

The NEPC Director further stated that the National Committee on Export Promotion was recently inaugurated by the National Economic Management team to ensure effective co-ordination of the Zero Oil Plan in all the states of the federation