Heifer International, a nonprofit organization, has disclosed plans to introduce the Area Yield Index Insurance (AYII) to Nigerian rice farmers as a solution to mitigate climate change-induced losses and restore investors’ confidence in rice farming.
In a statement Sunday, it stated that AYII is an insurance method used to ensure farmers get full returns if insured farmland does not produce the projected quantity of crops and guarantees that they do not suffer loss.
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It said the scheme is implemented in collaboration with three PULA, OLAM and Leadway Assurance Ltd, to cover the hazard shared by most farmers.
AYII Country Director, Rufus Idris said “Constant exposure to unreliable weather conditions, new pests and diseases, cripple farmers’ businesses and discouraged agribusiness financiers and investors. AYII provides rice farmers in Nigeria with an affordable way to mitigate the impacts of climate change on their businesses.”
The Commercial Manager, West Africa Anglophone of PULA, Chukwuma Kalu, said the partnership was crucial due to climate change and adverse weather conditions affecting farmers’ productivity and earnings.
Olam’s Vice President for Farming Initiatives, Reji George, said it is happy to be a part of this innovative solution that improves financial resiliency among Nigerian smallholder rice farmers.
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