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Bai Koroma wants Nigeria to insure agric

Koroma who spoke at the Chattered Insurance Institute of Nigeria (CIIN) golden jubilee anniversary lecture said this was important because “an overwhelming majority of the…

Koroma who spoke at the Chattered Insurance Institute of Nigeria (CIIN) golden jubilee anniversary lecture said this was important because “an overwhelming majority of the people of our sub-region is engaged in agriculture and small businesses.”

According to him, “These sectors are hampered by limited access to capital, inability to benefit from economies of scale, and generally inadequate attention from the financial services industry.”

Based on this, he said, “We could devise credit guarantee schemes to improve access to finance for farmers; we could, in collaboration with governments provide insurance cover to farmers; we could in cooperation with government organise farmers into cooperatives as a means of pooling resources together and mitigating against risks. A risk shared, it is said, increases the likelihood of overcoming that risk.”