NIRSAL, Moroccan firms sign pact on agric insurance

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Okechukwu Nnodim, Abuja

The Nigeria Incentive Based Risk Sharing System for Agricultural Lending has signed a partnership agreement with two Moroccan agricultural insurance and reinsurance companies, Mutuelle Agricole Marocaine D’Assurances and MAMDA Reassurance.

It said the partnership was to expand the range of agricultural insurance products and coverage in Nigeria and was designed to enable the exchange of ideas, enhance NIRSAL’s technical capacity to develop targeted insurance products to protect small, medium and large-scale agricultural investments from natural disasters.

NIRSAL said its collaboration with MAMDA and MAMDA Re was a product of the bilateral agreements that President Muhammadu Buhari signed in December 2016 during his visit to the King of Morocco, Mohammed VI.

It said the partnership would include the design and development of crop insurance, as well as index-based insurance products.

The Managing Director, NIRSAL, Mr. Aliyu Abdulhameed, said his organisation was excited about the collaboration, adding that the partnership was in line with the agency’s corporate objective to expand insurance products to agricultural lending.

He said NIRSAL’s target was “to move insurance coverage from the level of about 0.5 million to 3.8 million agricultural primary producers. This will help reduce credit risks, increase lending and investment across the entire agricultural value chain.”

Abdulhameed commended the leadership of MAMDA and MAMDA Re for partnering NIRSAL, adding that the collaboration would facilitate the flow of finance to the sector to help achieve the objectives of the Economic Recovery Growth Plan, attain self-sufficiency in food production and entrench inclusive economic growth.

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