In its resolve to help smallholder farmers mitigate loss of harvests due to poor weather conditions, pests and diseases.
Rufus Idris, Heifer’s country director, said at the farmers insurance claim payout ceremony held in Makurdi, Benue State. A total of 4,358 hectares of farmland owned by 4,354 smallholder rice farmers in Benue and Nasarawa states were covered during the 2021 wet agricultural season under the project. Out of the over 4000 farmers, 3,110 smallholder rice farmers suffered losses due to soil moisture stress.
A total of N111,398, 895 will be distributed as insurance compensation to the 3,110 smallholder rice farmers. Who were impacted by the bad harvests.
According to Head Agric and Micro Insurance for Leadway Assurance Limited, the project marks a major milestone in the Nigerian Agriculture Insurance space.
Idris explained that the project is carried out through a pay-at-harvest model that enables participating farmers to pay back. The pre-financed premium at harvest when they sell the rice produced to Olam as the off-taker.