NAIC to Partner Banks on Agro Risk Management Services

Managing Director of the Nigerian Agricultural Insurance Corporation (NAIC), Folashade Joseph has disclosed that her agency is committed to forging appropriate partnerships with Deposit Money Banks in the fulfilment of their mandate through provision of appropriate risk management services to agricultural investors being financed by the banks.

She disclosed this yesterday in Kaduna during a capacity building programme organised to enlighten the Agric Desk Officers of Deposit Money Banks on how to implement the risk component of CACS.

According to her, “risk management remains an integral part of any modern day Agric financ- ing model, as such the Central Bank of Nigeria has deemed it fit to ensure that any agricultural investor accessing the Commercial Agriculture Credit Scheme facility must have the project insured by the NAIC.”

Joseph stated that “the deposit money banks and other financial institutions have been NAIC’s major distribution channels over the years, with the deposit money banks, as Credit Providers, and NAIC, as risk management service provider.”

Stressing the readiness of NAIC to improve its services to conform to modern realities, NAIC’s MD said: “I wish to state that NAIC is poised to improve its services in the area of product development, claims payments, valuable farm extension services across the entire agricultural value chain”.