NIGERIAN AGRICULTURAL INSURANCE CORPORATION DECREE

What Is This Policy?

This legislation establishes the Nigerian Agricultural Insurance Corporation to provide affordable insurance cover for farmers against losses arising from natural hazards, pests, diseases, and other agricultural risks.

Who Does It Target?

Smallholder and commercial crop farmers Livestock and poultry farmers Aquaculture and fish farmers

What Does It Aim to Achieve?

To reduce the financial impact of crop failures, livestock losses, and other agricultural setbacks on Nigerian farmers by providing accessible and affordable insurance products backed by government support.

Key Features

Crop Insurance: Provides insurance cover for crop losses due to drought, flooding, fire, pest attacks, and diseases Livestock Insurance: Covers losses of cattle, goats, sheep, poultry, and other livestock due to specified perils Subsidised Premiums: Offers government-subsidised insurance premiums to make cover accessible to smallholder farmers Claims Settlement: Establishes the procedures for assessing and settling farmer claims after a covered loss event Compulsory Cover for Credit Recipients: Makes insurance mandatory for farmers receiving agricultural loans from banks under government credit schemes

Current Status

Rollout Stage: Operational nationwide through NAIC offices and agent networks Coverage: Nationwide Beneficiaries to Date: Nigerian farmers across all agricultural subsectors Funding: Premium income, federal government subventions, and investment returns

How to Access

Farmers apply for agricultural insurance directly through NAIC offices, accredited agents, or through their cooperatives. Completed NAIC insurance proposal form Details of the agricultural enterprise to be insured including area, crop type, or livestock numbers Payment of the prescribed premium (net of government subsidy where applicable) Application method: NAIC offices and accredited agents nationwide; also accessible through cooperative and commercial bank agricultural lending programmes

Important Terms

Insurance is compulsory for farmers accessing agricultural credit under designated government loan schemes Claims must be reported to NAIC within the period specified in the policy for assessment to proceed

Official Resources

Website: www.naic.gov.ng

Legal Framework

Enacted under legislative powers (as a Decree, now treated as an Act). Operates alongside the National Agricultural Policy, the Land Use Act 1978, the National Crop Varieties and Livestock Breeds Regulations, and international agricultural insurance standards including those of the International Association of Agricultural Production Insurers (IAAPI).