The Federal Government has signed a tripartite agreement for insurance to tackle the risks of transporting agricultural produce across the country.
The Managing Director of the Nigerian Agricultural Insurance Corporation, NAIC Folashade Joseph, at the signing of the Memorandum of Understanding, MoU in Abuja, said the scheme, which was long overdue, would among other things, cater for huge losses suffered by farmers and agro dealers in the event of transitional risks like accidents and is historic.
He explained that, agricultural products that move from one point or one state to another needs to be insured because we have had different cases of accidents that had occurred in the past.
The MoU, which is on implementation of National Transit Insurance Scheme (NATIS), is between NAIC, Nigeria Association of Agricultural Produce Dealers (NAAPD) and Association of Local Governments of Nigeria (ALGON).
ALGON Director of Finance and Administration Salawu Ozigi said the association is committed to ensuring the impact of the scheme was felt in every nooks and crannies of the country.