Business

Cooperate with NAIC to Boost Agric, BOA Tells Nigerians

The Bank of Agriculture (BOA) has appealed to Nigerians, particularly farmers, to work closely with the management of the Nigerian Agriculture Insurance Corporation (NAIC) to boost agricultural production across the country.

The Managing Director of the bank, Dr. Mohammed Santuraki, made the call when he received a delegation from the agricultural risks specialist insurers in his office recently. He appealed to Nigerians, particularly farmers across the country, to forge a closer working relationship with the new management of NAIC and create more areas of cooperation between.

He harped on the advantages of “making agriculture work for our people” through boosting the capacity of the Nigerian farmers, saying there is need to build and enhance the productivity of farmers beyond subsistence levels to the level of attainment of food security and export.

Santuraki also advised the corporation to consolidate on its past achievements and deepen its agricultural insurance monopoly ahead of the plan de-monopolisation of agricultural insurance business by the Federal Government.

He said NAIC, in spite of its shortcomings, had the “first mover advantage” over other insurance companies that are positioning themselves to partake in the highly specialised agricultural risks underwriting business. “No one can beat the competition of NAIC in the market place,” Santuraki stressed.

Responding, the Managing Director of NAIC, Dr. Tijani Garba, acknowledged the revolutionary changes going on in BOA, saying the new management at NAIC was there to bridge the communication gap between the two government companies.

He expressed the determination of NAIC management to continue with ongoing reengineering programme aimed at rebuilding and sustaining stakeholders’ confidence with a view to protecting its market niche and consolidating its monopoly in agricultural risks underwriting business.

Garba said the new management is committed to making agricultural insurance mutually beneficial to both NAIC and BOA by improving the productivity of the Nigerian farmers, saying that NAIC was already charting a new course for farmers, through sensitisation workshop which had been organised by NAIC nationwide, with a view to raising awareness of farmers on best farm practices and the advantages of agricultural insurance.

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