The Lagos State Government through the World Bank-assisted Agro-Processing Productivity Enhancement Livelihood Improvement Support (APPEALS) project has hosted a forum on Agricultural Insurance and Risk Management to encourage farmers to inculcate insurance culture.
The forum was organised by the Lagos APPEALS project and targeted towards its beneficiaries and other relevant stakeholders in the agricultural sector.
According to APPEALS, the seminar is part of efforts to ensure market development and linkage to business services for its beneficiaries and to sensitise and encourage them to engage insurance companies and infuse insurance culture and risk management in their various agribusinesses.
State Project Coordinator (SPC), Mrs Oluranti Sageo-Oviebo said that the forum was organised to create an enabling environment for insurance and farmers’ smooth interface to motivate farmers on risk management.
This, she stated, will help mitigate uncertainties such as vagaries of weather, prices, and so on.
In her goodwill message, Sageo-Oviebo advised farmers not to shy away from insurance policies adding that it will ensure stability of income and protect them against unforeseen losses.
Meanwhile, agricultural policies & products as well as the need to expand insurance coverage of small-medium scale farmers in relation to business development and risk management were broadly discussed at the event.
AgroNigeria gathered that the Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL), Nigerian Agricultural Insurance Corporation (NAIC), Linkage Assurance PLC, and First Adequate Benefit Insurance Broker were all represented at the forum.