To expand agric insurance products and coverage in Nigeria
By Emma Ujah, Abuja Bureau Chief
ABUJA—The Nigeria Incentive Based Risk Sharing System for Agricultural Lending, NIRSAL Plc, has signed a partnership agreement with two Moroccan agricultural insurance and re-insurance companies, Mutuelle Agricole Marocaine D’Assurances, MAMDA, and MAMDA Reassurance, MANDA Re, to expand the range of agricultural insurance products and coverage in Nigeria.
The deal is designed to enable the exchange of ideas, enhance NIRSAL’s technical capacity to develop innovative and targeted insurance products to protect small, medium and large scale agricultural investments from natural disasters such as floods, droughts and crop diseases.
NIRSAL’s collaboration with MAMDA and MAMDA Re is a product of the bilateral agreements that the President of Nigeria Muhammadu Buhari signed in December 2016 during the visit of the King of Morocco King Mohammed VI.
Specifically, the agreement includes the design and development of named peril crop insurance, index- based insurance products including Area, Weather and Yield.
It will also involve advanced technical training on surveying aggregated smallholder farmlands, large commercial and plantation farms and loss assessment methods, technical training on Geographic Information System, GIS, technology for agriculture and Remote Sensing application in Agricultural Crop Insurance.
Speaking during the event, the Managing Director of NIRSAL, Mr. Aliyu Abdulhameed stated, “as a private sector led policy tool of the government exercising the mandate to de-risk agriculture, increase private sector investment to unleash the sector’s unmatched potential for job creation, food security and economic diversification” NIRSAL is particularly excited at the collaboration.
The Chief Executive of NIRSAL thanked President Muhammadu Buhari for his leadership and vision to entrench agriculture as the driver of economy.
He also commended the leadership of MAMDA and MAMDA Re for taking the bold step in partnering with NIRSAL.