Nigeria and Morocco have set up a steering committee to develop a sustainable crop insurance scheme for the country.
The Committee, comprising representatives of the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, the Moroccan Agricultural Insurance Company (MAMDA) and MAMDA RE.
In developing the insurance scheme, the committee is expected to use parametric products and leverage on the Moroccan model for crops covering selected areas of between 5000 and 10,000 hectares of land.
The Managing Director of NAIC, Mrs. Folashade Joseph made this known in Abuja at the inauguration of the committee.
Joseph said the establishment of the committee was another step by government towards boosting agriculture as an alternative revenue earner for the country given the volatile nature and uncertain future of oil which was until now the mainstay of the economy.
With the growing challenges posed to agriculture by climate change, she said there was need for Nigerian farmers to accept climate smart agriculture and embrace agricultural risk management.