The agricultural sector in Nigeria is estimated to lose about N20 billion annually as a result of the failure by insurance companies to cover small farmers.
This was said by stakeholders in the agriculture sector while speaking at the 2018 national insurance brokers conference in Lagos.
According to Dr. Kolade Adebayo, Executive director, Zynosism Nigeria Ltd, he said the insurance sector should create products that capture small farmers.
Adebayo said the absence of insurance products for small farmers is costing the agricultural sector over N20 billion annually, thereby the increased need for insurance products that will aggregate small farmers cooperatively and produce a cover for them.