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  • Business - Companies
  • Updated: June 15, 2022

Heifer International Rewards Rice Farmers With N100 Million Insurance

Heifer International Rewards Rice Farmers With N100 Million

Heifer International has announced the payment of over N100 million as insurance compensation payout from Leadway Assurance to 3110 smallholder rice farmers operating in Benue and Nasarawa states in its resolve to help smallholder farmers mitigate loss of harvests due to poor weather conditions, pests and disease.

According to a statement on Tuesday, the firm said the compensation was under its pay-at-harvest Area Yield Index Insurance project under Heifer’s Naija Unlock Signature Programme for Nigeria.

Rufus Idris, Heifer’s Country Director, speaking during the farmers insurance claim payout ceremony held in Makurdi, Benue State,  confirmed that a total of 4,358 hectares of farmland belonging to 4,354 smallholder rice farmers in Benue and Nasarawa states were insured during the 2021 wet farming season under the project.

3,110 smallholder rice farmers suffered losses due to soil moisture stress, out of over 4000 farmers

A total sum of N 111, 398, 895 has been scheduled  as insurance compensation for the affected rice farmers who suffered poor harvests to enable them to recover their investments and refinance their insurance premium for another farming season.

According to Ayoola Fatona, Head Agric and Micro Insurance for Leadway Assurance Limited, an implementing partner for the insurance scheme, the project 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.”

 

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