Morocco collaborates with Nigeria to establish Agricultural Insurance

0

African countries are mutually connected so as to encourage even continental development. Recently, Nigeria and Morocco set up a steering committee to develop a sustainable crop insurance scheme for the country. This cooperation will help to sustain the agriculture sector by adding more value to its earnings.

Reports confirmed that the Committee comprises representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA) and MAMDA RE. The committee concluded on using parametric products and leverage on the Moroccan model for crops covering selected areas of between 5000 and 10,000 hectares of land. This model has helped grown Morocco’s agriculture sector.

In addition, the Managing Director of NAIC, Mrs. Folashade Joseph explained that the establishment of the committee was another step by government to boost and strengthen the agriculture sector. She further said that the government aims at ensuring that the sector will help to generate more revenue and at the same time enhance economic growth and development.

Mrs. Joseph further said that NAIC would continue to develop partnership agreements and collaborate with international partners to develop and deploy insurance products that will help in managing emerging risks in the sector. She said that the sector is presently experiencing some challenges that would soon be tackled with partnering contributions from other developed countries.

However, the NAIC Chief Executive related the new initiative to the visit of King Mohammed VI of Morocco to Nigeria in December 2016. His meeting with president Buhari resulted to the initiation of the 15 bilateral agreements on trade, agriculture as well as the oil and gas sector. These agreements are down to strengthen the sector.

The Managing Director, Bank of Agriculture, Alhaji Kabiru Mohammed in his remarks said that although his bank and NAIC had enjoyed a good relationship over a long time. He further said that the partnership gave room for new and innovative development which will also help actualising the goals and objectives of both parties.

Similarly, Mohammed explained that the government and other bodies have helped Nigerians to picture agriculture as a more lucrative and value oriented sector rather than the occupation of the olden days. He added that there is big money in agriculture if things are strategically and properly done.

The collaboration of Nigerian agriculture bodies with other developing and developed countries has on the long run helped the agricultural sector to be on its feet. So far, reports have confirmed many successes recorded in the sector. These successes have been extremely beneficial to Nigerians.

Leave A Reply

Your email address will not be published.