The Nigerian Agricultural Insurance Corporation (NAIC) has expressed its desire to partner with the Kwara State government on the provision of risk management services using agricultural insurance as a tool.

The Managing Director/CEO of the corporation, Bode Opadokun, told the State Governor, Abdulfatai Ahmed, during the flag off of the state's 2014 agricultural initiative that is expected to alleviate poverty in the state and make positive contribution to its economic growth and development.

He told the Governor, "I wish to state that the Nigerian Agricultural Insurance Corporation is greatly elated to be associated with the flag off of this epoch making event and will partner with His Excellency and the people of Kwara State in ensuring that it achieves a resounding success.

The Corporation, will partner with the state government in the area of the provision of risk management services using agricultural insurance as a tool. As you are aware, our corporation is an entity created by the Federal Government to provide risk management services to farmers in the country. This is to ensure that investments in the agricultural sector, remains protected from unforeseen and unexpected events, (usually elemental in nature) which might adversely affect these investments. Our corporation provides the appropriate compensation to Agricultural Investors who picks up any of our policies".

According to him, "The compensation paid therefore provides an incentive for farmers to remain in the business of agriculture after the occurrence of any disaster. It is important to note that we been in the business of insuring agricultural risks since 1988 and have partnered with various state governments in the country to provide insurance cover for their agricultural projects. Our major strength lies in our experience which is unparalleled, our ability to provide free advisory services for our insured clients and the customization of our products to meet the specific needs of their Agric and agro related programs".

In view of our expertise, he said, we suggest that you direct that all the beneficiaries of the credit facility provided by the state government for this laudable scheme to insure their agriculture projects with our corporation so as to ensure that this huge investment in agriculture is adequately protected against the perils of nature. Fortunately, the corporation has a full operational presence in your state, so the assessment of our products and services will not be a problem. Furthermore, we advice, that insurance as a risk mitigation tool in agricultural investment, should not be limited to this scheme alone, but be extended to all agricultural activities in the state as the benefits are immense.

According to the NAIC boss "Our corporation is poised to provide the best of services to all agricultural investors in Kwara by the provision of insurance products specifically designed to meet their needs".

He said, "We make a passionate appeal to your Excellency that the state should pay our outstanding premium subsidy claims for the past years and in the future. This is to ensure that we continually meet up with our claims obligations to our clients whenever the need arises. The premium subsidy is a major source of revenue to the corporation from where we draw funds to meet up with our claims obligation".

The State has been involved in the conceptualisation and implementation of various agricultural initiatives in the time past which has been of immense benefit to the state both in the long and short run. This new initiative is expected to record monumental success by achieving the following objectives including increases the level of agricultural production in the state, which will in the long term greatly assist the State attain self sufficiency in food production, act as a feeder for the production agricultural raw materials which will become inputs for other sections of the agricultural value chain, creation of opportunities for small and medium scale agro-allied industries in the state in order to contribute to its growth domestic product (GDP), alleviation of poverty through the creation of employment opportunities for the state, and creation of wealth as the program will bring about employment opportunities in the state.