Hardship: Insurance stakeholders seek ways to boost food security in Nigeria
Joy Agwunobi
Stakeholders in the insurance industry have brainstormed on how insurance can play a vital role in ensuring food security in the country, at the 2024 CIIN Education Conference of the Chartered Insurance Institute of Nigeria (CIIN), in Ibadan, Oyo State, recently.
The event was largely attended by insurance professionals, government officials, and other stakeholders in the sector.
The Commissioner for Insurance, Mr Olusegun Omosehin, while giving the keynote address, said, “There had been national concerns, and several initiatives geared towards enhancing food sufficiency and driving the Federal Government’s food security campaign.
“Therefore, no better time to discuss and share ideas on the role of insurance in food security than now. I wish to extend my appreciation to the CIIN for the theme of this year’s conference: Agricultural Risk: The Role of Insurance in Food Security. It is satisfying and gratifying to see that the insurance industry has come around to educate and address this issue of high relevance.”
The President/Chairman of Council, Chartered Insurance Institute of Nigeria (CIIN), Mrs Yetunde Ilori, said, “This year’s theme, ‘Agricultural Risks: The Role of Insurance in Food Security’, speaks to the heart of a critical issue that affects not only our economy but also the very fabric of our society. As we gather here, we must acknowledge the pivotal role agriculture plays in Nigeria. It employs over 36% of our workforce and contributes significantly to our GDP. Yet, despite its importance, this sector faces myriad risks that threaten not only the livelihoods of our farmers but also the food security of our nation. From climate change and extreme weather events to market fluctuations and pest outbreaks, the challenges are both numerous and complex.
“Insurance is not merely a financial product; it is a powerful tool for resilience. It provides farmers with the confidence to invest in their land, innovate their practices, and protect their assets against unforeseen events. When farmers know they have coverage, they are more likely to take risks that lead to increased productivity and sustainability. This is the essence of food security: a stable, reliable supply of food that can withstand shocks and stresses.
“As we delve deeper into discussions during this conference, we will explore various facets of agricultural insurance, including crop insurance, livestock insurance, and the emerging technologies that can enhance risk assessment and management. Our aim is to identify how we, as insurance professionals, can tailor our products to meet the unique needs of farmers, ensuring that insurance becomes an integral part of agricultural planning.”
Chairman, Education Committee, Chartered Insurance Institute of Nigeria, Mrs Funmi Omo, said, “However, for insurance to fulfill its promise, collaboration is key. We must foster partnerships between insurers, farmers, government agencies, and other stakeholders in the agricultural sector.
“Together, we can develop comprehensive strategies that not only protect our farmers but also promote sustainable agricultural practices and ensure food security for all Nigerians.”