Farming: Expert Calls for Promotion of Agricultural Insurance to Reduce Production Risks
By Olusegun HOSEA
Agriculture experts have called for the promotion of agricultural insurance as a critical strategy for reducing production risks and safeguarding farmers against unforeseen losses.
The recommendation was contained in the report of the Study Group on Agriculture and Food Security presented at the Akure Speaking Communities Development Summit in Ondo State. The report identified agricultural insurance as a key intervention for strengthening the agricultural sector and encouraging increased investment in farming.
According to the report, affordable agricultural insurance would protect farmers from the adverse effects of climate change, crop failure, pests, diseases and other production-related challenges that often discourage investment in agriculture.
The experts also urged governments at all levels to establish affordable credit schemes with single-digit interest rates to improve farmers’ access to finance. They further recommended increased public-private partnerships in the cocoa sector to stimulate production and boost value addition.
Other recommendations included the establishment of market information systems to provide real-time price information, rehabilitation of rural roads to reduce transportation costs, improved access to electricity and water in cocoa-producing communities, and direct linkages between farmers, processors, exporters and international buyers.
The report further advocated the cultivation of improved and disease-resistant cocoa varieties developed by the Cocoa Research Institute of Nigeria (CRIN), regular training for farmers on Good Agricultural Practices (GAPs), and timely access to fertilizers, agrochemicals and improved planting materials.
It also recommended the establishment of community fermentation and drying centres, greater investment in local cocoa processing industries, and incentives, including tax relief, for small and medium-scale cocoa processors to enhance the value chain and improve farmers’ incomes.
The experts concluded that implementing these measures would strengthen food security, improve farmers’ resilience to production risks, and promote sustainable agricultural development across the Akure-speaking communities and Ondo State at large.












