CBN, NAIC discuss need for accurate farming data

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The Nigerian Agricultural Insurance Corporation has stated that it is discussing the need for perfect data for farmers across the country with the Central Bank of Nigeria and other stakeholders.

Mrs Folashade Joseph, the NAIC’s Managing Director/Chief Executive Officer, stated during an interview in Lagos that for the insurance industry to be efficient and sustainable, operators need farmers’ comprehensive data, which they may use to promote their operations, according to Punch.

She explained that this was critical for monitoring farm activities, storage, and the distribution of agricultural products.

Index insurance, according to Joseph, could not function successfully without correct data.

What the director is saying 

She said, “Data for farmers will help us know how many farmers we have in each state and what each person is into such as rice production, maize, cassava and even processing of the produce. This is very important so that we can effectively monitor and improve on our processes.

“The index insurance cannot operate effectively without accurate data. It is only when we have the correct data, which we will improve every year, that we can effectively achieve our objectives. That is key to us in NAIC, and we have spoken to our supervising ministry and other stakeholders like CBN on the need to get a perfect data.”

She said NAIC was on the verge of deploying drones to inspect and monitor farmlands against flood and insecurity.

In case you missed it 

  • President Muhammadu Buhari stated that the Anchor Borrowers Programme established by the Central Bank of Nigeria had made more than N300 billion available to over  3.1 million smallholder farmers.
  • Unity Bank CEO, Mrs Tomi Somefun disclosed last week that her bank which is an outlet for CBN’s Anchor Borrowers’ Scheme for farmers will support 120,000 maize farmers during this year’s maize planting season.
  • Nigerians’ appetite for processed food has increased, spending over N508 billion on processed food imports in H1 2021. This is according to data released by the National Bureau of Statistics.

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