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World Bank, NAIC To Introduce Index Crop Insurance Policy

World Bank and NAIC collaborate to introduce Index Crop Insurance Policy to enhance food productivity in Nigeria.

The World Bank has announced plans to collaborate with the Nigeria Agricultural Insurance Corporation (NAIC), to enhance food productivity through the introduction of Index-Crop Insurance policy in Nigeria.

Butrous Penbi, Head of Corporate Affairs, said: “World Bank two-man team, led by Mr. Ramiro Iturrio were in the country to understudy the operations of agric-insurance by NAIC with a view to improving the capacity of the Corporation towards underwriting the new product, Index-Crop- Insurance for the purpose of optimizing greater crop yields across the country.

Kwatri Yusuf, Managing Director, NAIC, said: “The benefits of the World Bank initiatives is to enhance crop yields and also reduce both crop failure. He further added that the Index Crop-Insurance products will ultimately enhance profitability of agricultural production in the market place and urged all practicing farmers to avail themselves of the services of the Corporation.”

NAIC is an insurance agency that provides insurance coverage to all categories of farmers – small, medium and large scale holders, either in groups or as individuals.