The Nigeria Agricultural Insurance Corporation (NAIC) says insurance for farmers is imperative due to the negative impact of climate change.
The Manager of NAIC in Enugu State, Mr Andrew Uzomah, said in Enugu on the sideline of a lecture on \u201cThe Need for Insurance for Smallholder Farmers\u2019\u2019 at the ongoing International Fund for Agricultural Development (IFAD) Financial Literacy for Farmers in Enugu.
He said that the current negative impact of climate change had made the environment \u201cmore vulnerable to negative impact and unpredictable\u2019\u2019.
According to him, the exposure to risk and losses in farming practice is more pronounced today than what we know in the history of the country.
\u201cIt is in the best and wise interest of farmers \u2013 whether big time, medium or smallholders farmers \u2013 to insure their crops within its duration on the farm.
\u201cThose in the value chain or value addition aspect of farming can insure their work or processing equipment with payment of little premium.
\u201cInsurance act as safeguard in case if things go bad and to ensure that the farmer is not totally kicked out of farming after a recorded loss due to natural devastation or other unforeseeable conditions,\u2019\u2019 he said.
The manager said that for smallholder farmers of just one hectare, the farmer only pay between one or two per cent of the actual known quantity cost of cultivating his type of crop on a given hectare of land…<\/p>\n\n\n\n