The Ministry of Agriculture and Food Security (MAFS), in partnership with the United Nations Capital Development Fund (UNCDF) and other stakeholders, has validated the National Agricultural Insurance Policy at the Bintumani Hotel. The policy aims to expand insurance coverage for farmers, reduce agricultural risks, and strengthen resilience under the Feed Salone agenda.
Speaking at the validation meeting on Tuesday, 23 September, the Minister of Agriculture and Food Security, Dr. Henry Musa Kpaka, said that once finalized, the policy will be submitted to Cabinet for approval and subsequently rolled out in collaboration with relevant stakeholders. He noted that priority agricultural value chains will be identified for piloting as part of the implementation process.
Minister Kpaka described the Agricultural Insurance Policy and the Agricultural Finance Policy as twin instruments, noting that effective agricultural insurance can reduce risks for both farmers and financial institutions.
He said this could increase the confidence of banks and other financial institutions to provide financing to farmers, thereby supporting greater investment, productivity, and growth in the agricultural sector.
The Lead Consultant for the policy development process, Ayandev Saaha of K.M. Dastur & Company Limited, said the policy development process had been inclusive, involving relevant stakeholders across the agricultural and financial sectors. He noted that agricultural insurance would help farmers manage production risks and provide greater confidence to sustain and expand their farming activities while improving their ability to access finance.
Stakeholders at the validation meeting welcomed the development of the policy and called for its effective implementation once approved. They also emphasized the importance of government support, including the possibility of subsidizing a portion of insurance premiums for farmers, particularly during the initial stages of implementation, to encourage wider adoption and coverage.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ministry of Agriculture and Food Security (MAFS), in partnership with the United Nations Capital Development Fund (UNCDF)<\/p>\n","protected":false},"author":1,"featured_media":2042,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-2041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\n