A non-profit global development organization, Heifer International, on Thursday announced the payment of more than 100 million naira as insurance payout by Leadway Assurance to 3,110 smallholder rice farmers in Benue and Nasarawa states.
The organization said the gesture was made as part of its Pay-At-Harvest Area Yield Index (AYII) assurance project; being a component of Heifer’s Naija Unlock signature program.
Heifer Country Manager Rufus Idris, who made the announcement at the Insurance Claims Payout Ceremony in Makurdi, Benue State, also noted that the organization has decided to help smallholders to mitigate crop losses due to adverse weather conditions, pests and diseases.
The Country Director also confirmed that a total of 4,358 hectares belonging to 4,354 smallholder rice farmers in Benue and Nasarawa states were insured during the 2021 rainy season under the project, of which 3,110 smallholder rice farmers were insured. suffered losses due to soil water stress.
He said, “The 3,110 affected smallholder rice farmers who suffered crop failure are expected to receive a total sum of N111,398,895, as of today (Thursday), as insurance compensation to enable them recover their investments and refinance their insurance premium for another farming season.
Ayoola Fatona, Head of Agriculture and Microinsurance at Leadway Assurance Ltd, said, “Today marks a milestone in the Nigerian agriculture insurance space. Leadway would like to reiterate its commitment to helping smallholder farmers ensure the nation’s food security by leveraging this type of partnership with Heifer International.
Olam Vice President for Agricultural Initiatives, Reji George, said, “Olam is excited about this collaboration with Heifer International, and we will remain committed to supporting the growth of the smallholder farmers we do business with as we help our quota to the transformation of the Nigerian agricultural sector. ”