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AN APPRAISAL OF AGRICULTURAL INSURANCE IN A DEVELOPING NATIONAL LIKE NIGERIA (A CASE OF NAIC BETWEEN 2000 – 2010)

 

ABSTRACT: This project is on the topic titled “An Appraisal of Agricultural Insurance in a Developing Nation like Nigeria, A case study of NAIC between (2000 – 2010)”. The work is divided into five chapters. Chapter one deals with background of study, statement of problem that led to the research work, objective of the study, research questions, scope of the research questions, scope and limitation of the study, significance of the study and definition of operational terms. Chapter two covers review of relevant literatures, historical development of the insurance, agricultural insurance in Nigeria, Objectives of NAIC, risk associated with agriculture and so on. Chapter three discusses research methodology including source of data and validity of the instrument. Chapter four covers findings and discussion of findings and chapter five covers conclusions and recommendations.

 

TABLE OF CONTENTS

 

CHAPTER ONE – INTRODUCTION                         1

1. Background of the Study                                         1
2. Statement of the Problem                                 3
3. Objectives of the Study                                    4
4. Research Questions                                          5
5. Significance of the Study                                         6
6. Scope and Limitations of the Study                           7
7. Definition of Operational Terms                         9

CHAPTER TWO

1. An Overview                                                   11
2. Historical Development of Insurance in Nigeria     12
3. Agricultural Insurance in Nigeria and its

Effect on the Farmers                                       15

1. Objectives of NAIC                                           16
2. Risks Associated with Agriculture                       17
3. The Covers Under NAICS                                         21
4. The Cost of Insurance in NAICS                         22
5. Achievement of NAICS                                      24
6. Challenges Facing NAICS                                   29

References                                                      31

 

CHAPTER THREE – RESEARCH METHODOLOGY            32

1. Source of Data                                                       32
2. Population of the Study                                    33
3. Sample Size                                                    33
4. Instrument Used for Data Collection                   34
5. Validity of Instrument                                      34
6. Reliability of instruments                                         34

 

CHAPTER FOUR – SUMMARY OF FINDINGS           36

1. Summary of Findings                                       36
2. Discussion of Findings                                      37

 

CHAPTER FIVE – CONCLUSION AND RECOMMENDATIONS

1. Conclusion                                                      40
2. Recommendations                                           40

 

Bibliography                                                    44

Appendix I                                                      46

Appendix II                                                     47

 

CHAPTER ONE

INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Agriculture is the art and service of crop and livestock production. In its broadcast sense, agricultural comprises the entire range of technologies associated with the production of useful products from plants and animals, including soil cultivation, crop and livestock management, and the activities of processing and marketing. Agricultural sector in Nigeria suffered neglect during the hely-days of the oil boom in the 1970s. Ever since then Nigeria has been witnessing extreme poverty and insufficient of basis food items.

The agricultural sector was faced with numerous challenges and this motivated the federation government to introduce the agricultural insurance which is designed to provide covers for financial losses incurred due to reduction in expected outputs from agricultures products. The major products are crops and livestock’s, other includes fisheries and forestry. Crop insurance and livestock insurance provide the two broad categories for which commercial insurance and covers are designed. Because of the complexities brought to agricultural ventures due to mechanization, a broad range of traditional policies, namely personal accident, fire, vehicles, machinery and public liability covers are made essential parts of a comprehensive agricultural insurance package. Agricultural investments unfortunately are among the most risky economic ventures one can embark upon.

 

For effective enforcement and implementation of agricultural insurance in Nigeria, the government in 1993 brought into law the establishment of Nigerian agricultural insurance corporation (NAIC) through decree No 37, with the main objective of “to implement, manage and administer the agricultural insurance scheme, to subsidize the premiums chargeable and selected crops and livestock policies from the grants obtained form the federal capital territory, Abuja” and so many other objectives. The NAIC since inception have been working towards achieving the objectives which it was set up for so, this research work is designed to appraise the agricultural insurance in a developing country like Nigeria, taking the activities of NAIC between 2000 – 2010 as a case study.

1.2  STATEMENT OF PROBLEM

1. Low penetration of Nigerian farming populace by the agricultural insurance scheme.
2. Lack of interest from insurance companies in the agricultural insurance policies in Nigeria.
3. Low participation of commercial banks and other lending institution in agricultural insurance because of the high moral hazard and adverse risk selection.

1.3  OBJECTIVES OF THE STUDY

1. To examine the effect and causes of the apparent low interest of the Nigeria farmers in agricultural insurance scheme.
2. To ascertain the various risks/hazards associated with agricultural production in Nigeria.
3. To find out the progress or other use of the agriculture insurance scheme in Nigerian focusing on the activities between 2000 – 2010
4. To9 examine the effectiveness or otherwise of the various methods employed by the Nigerian agricultural insurance corporation in the marketing of their products.

1.4  RESEARCH QUESTIONS

The following questions where formulated based on the stated objectives and problems.

1. What are the effects of the apparent low interest in Nigerian farmers in agricultural insurance?
2. What is the role of Nigerian agricultural insurance corporations in the management of agriculture in Nigeria?
3. Do agricultural insurance in Nigeria face some challenges in its effective implementation?
4. What are the various risks associated with agricultural insurance in Nigeria?
5. How effective and efficient is the lending institutions in financing agricultural insurance in Nigeria?

 

1.5  SIGNIFICANCE OF THE STUDY

The significance of this research work is widely based/dependent on the set/stated objectives. The research work is also designed to be of benefit to various sections of the Nigerian economy.

 

The work is of great important to the Nigerian farmers in that it will help them to know adequately on the best way to insurer they agriculture product and also access loans from the lending institutions. The research work will also of benefit to the Nigerian government and the Nigerian agricultural insurance corporation which are directly involved in the implementation of the scheme as they derive better ways of improving their performance.

To the student, the work will be a source of reference to any of all students who wish to embark on further research in a r

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