A global non-profit development organisation, Heifer International, on Thursday, announced the payment of over N100m as insurance compensation payout from Leadway Assurance to 3,110 smallholder rice farmers in Benue and Nasarawa states.
The organisation said the gesture was done under its pay-at-harvest Area Yield Index Insurance (AYII) project; being a component of Heifer’s Naija Unlock Signature Programme.
Heifer’s Country Director, Rufus Idris, who made the announcement during the insurance claim payout ceremony in Makurdi, Benue State, also noted that the organisation resolved to help smallholder farmers mitigate losses of harvest due to poor 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 wet season under the project, among which 3,110 smallholder rice farmers suffered losses due to soil moisture stress.
He said, “The affected 3,110 smallholder rice farmers who suffered poor harvests are scheduled to receive a total sum of N 111, 398, 895, starting today (Thursday), as insurance compensation to enable them recover their investments and refinance their insurance premium for another farming season.”
The Head Agric and Micro Insurance for Leadway Assurance Ltd, Ayoola Fatona, said “Today marks a major milestone in the Nigerian Agriculture Insurance space. Leadway wishes to reiterate our commitment to assisting smallholder farmers in guaranteeing the food security of the nation by leveraging on this type of partnership with Heifer International.”
Olam’s Vice President for Farming Initiatives, Reji George, said “Olam is excited about this collaboration with Heifer International, and we will remain committed to supporting the growth of smallholder farmers that we do business with as we contribute our quota to transforming Nigeria’s agricultural sector.”
