Nigerian farmers get N464m insurance claims in Q1

TO GO W/ AFP STORY IN FRENCH BY David YOUANT Workers cut cocoa in the southwestern Ivorian village of Godilehiri 01 November 2007 near Divo where cocoa and coffee plantation farmers are upset with suspected misappropriation of cocoa revenue or money laundering. Ivory Coast is the world's leading producer of cocoa, which along with coffee accounts for 40 percent of the country's exports and about 20 percent of gross domestic product. A June report by Global Witness charged that cocoa helped finance low-level armed conflict that has left Ivory Coast divided in two for five years between a government-held south and a rebel north since a foiled coup bid in 2002. AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

The Nigerian Agricultural Insurance Corporation (NAIC) has paid N464 million claims in the first quarter of the year to its insured farmers across the country.

In statement, its Managing Director, Mrs. Folashade Joseph said prompt payment of claims has always been the cardinal principle of NAIC.

She stated that NAIC was established by the Federal Government to shield farmers from the adverse effects of natural disasters.

As a responsible player in the agric insurance space, we, at NAIC, believe that prompt payment of claims is the ultimate goal of any insurance business.

The corporation provides insurance cover to all categories of operators, whether small, medium or large scale across the agricultural value chain, she added.

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