Evaluating the Role of Government Policies in Promoting Agricultural Insurance in Nigeria (PDF)

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– Evaluating the Role of Government Policies in Promoting Agricultural Insurance in Nigeria –

Download Evaluating the Role of Government Policies in Promoting Agricultural Insurance in Nigeria. Students who are writing their projects can get this material to aid their research work.

Introduction

1.1 Background of the Study

Starting in  2010-2011, the government of Nigeria after years of being neglect began to reform the agricultural sector to focus the sector, the government implemented a new strategy called “The Agricultural Transformation Agenda ATA” this policy is aim at helping Nigeria’s refocus attention on agriculture.

Growth and development in any economy, especially the agricultural sector is an activity that cannot be effectively carried out without involving insurance, Thus insurance plays a vital role in the development of the agricultural sector Nigeria.

Agricultural insurance is normally undertaken as a market-based activity by private or state sector insurance companies, often with the support measures from the government.

The government through various policies and interventions has been very active in the promotion of agricultural insurance in Nigeria. This is buttressed by the fact that agriculture has been a predominant occupation that has over the years provided economic development, it accounts for about 40-50% of the GDP.

As far as agricultural insurance is concern the place of agricultural insurance cannot be overemphasized .one cannot discuss agricultural insurance before first identifying what insurance means. Udensi (2002) insurance is a system for transferring the responsibility of paying for losses from one party to another.

Insurance by conventional definition is the equitable transfer of a loss from one entity to another in exchange for a premium for a guarantee and quantifiable small loss to prevent a large and possible devastating loss.

One of the cardinal programs of the Obasanjo led administration when it came on board in 1999 was the radical development of agriculture in all its ratification.

Not only as a veritable way of bringing about the all-round development of the Nigeria state but also an as propitious channel of systematically diversifying the mono-cultural tendencies of the Nigeria economy and this was achieved through the establishment of Nigeria agricultural insurance cooperation (NAIC) through the decree no 37 in 1993.

Section 3 of the decree made a provision for the establishment of the Nigerian agricultural scheme which the agricultural insurance cooperation is an executing body.

The categorical imperatives of the scheme are to provide financial support to farmers where losses to crops and livestock arise from natural hazards, it is to include the provision of credit by a financial institution as the insurance cover is an added collateral.

Again it helps to promote agricultural production by giving farmers confidence to accept new as well as modern innovations and inputs. From the beginning, the scheme provided cover to only two crop items and two livestock items namely cattle and poultry and some commercial business like farm building, machinery, and equipment.

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