This was stated in a communiqué issued the end of a two day conference on climate based micro-insurance: providing protection for Nigerian farmers, said despite the fact that over 90% of Nigeria's agriculture is dependent on rain-fed systems. According to the communiqué, “Considering the important role insurance plays in stimulating banks to extend credit facilities to the agricultural sector and the role that perception of risk among financial institutions plays in limiting the flow of finance to the sector raises concern because less than 1% of Nigerian farmers have access to insurance cover.
Acknowledging that climate change is today the greatest threat to Nigerian farmers and being aware that over 90% of Nigeria's agriculture is dependent on rain-fed systems are therefore determined to provide a risk management mechanism to meet the challenges of climate change in the sector."
Stakeholders at the two day meeting acknowledged the important role ole agriculture plays in the economy in terms of employment, income generation, poverty reduction and raw materials production, the targets of vision 2020 and the MDGs, may not be achieved if action is not taken now to protect Nigerian farmers through an adequate insurance arrangement. Read the full report here.
Source: Vanguardngr, Abuja.
