The Contribution Of Agricultural Insurance To The Nigerian Economy
Abstract
The agrarian sector, as significance as it’s exposed to extremely high degree of fragment arising out of natural factors like rainfall conditions. misgivings, regarding the quality and quality of the crop/ beast affair due to natural hazards, are one of the introductory pitfalls that are constantly faced by every planter. But maturity of growers are subsistence in natures and are infrequently suitable to bear similar threat especially when large loss involved. The information for the study was collected using primary and secondary styles of data collection. For the primary data collection, questionnaires, particular compliances and oral interviews were used while being literature applicable to the content was consulted for the secondary data. The experimenter used ki-square statistical model to dissect the data. At the end of the exploration work the experimenter find out the following that Agrarian insurance scheme has helped the growers to get agrarian loans fluently from the growers to get agrarian loans fluently from the fiscal institution by the use of her policy document, which banks accept as enough collateral security from growers. Grounded on the findings the experimenter made the ensuing recommendations Government provision of befitting accommodation for the NAIC that pilot the scheme. Since the scheme to established and 100 possessed by the civil government, the government should help in furnishing, serving accommodation for the office because of its significance to the Nigeria growers, Government should help the Nigeria Agricultural Insurance Corporation in the hype of the scheme especially at the grassroots. This will encourage the growers to go and take loan and invest it in husbandry without fear of uncertainlees, Before a planter is good for a loan in agrarian bank/ Commercial Banks, there’s a minimal saving needed by the bank to qualify you certain quantum of loan. Guideline Bank should be well acquainted with the modalities of the scheme so to educate their loaners in their original branches on the operations of the scheme.
TABLE OF CONTENTS
Title runner i
blessing runner ii
fidelity iii
Acknowledgment iv
Abstract v
CHAPTER ONE
preface
Background of the study 1
Statement of problem 5
ideal of the study 5
exploration question 6
exploration thesis 7
Significance of the study 8
compass and Limitation of the study 9
description of terms 12
CHAPTER TWO
REVIEW OF RELATED LITERATURE
An overview 15
The meaning and conception of agrarian insurance 15
literal background of agrarian insurance in other countries 18
elaboration of Nigerian agrarian insurance scheme 19
Reasons for low productivity and the goods of natural hazards in Nigeria agriculture 24
threat in agrarian bracket of these pitfalls 26
backing and administration of agrarian insurance scheme in Nigeria 30
introductory agrarian insurance programs available in
the scheme 35
Heirs and advantages of agrarian insurance scheme in Nigeria 38
Procedure for insurance 40
CHAPTER THREE
exploration METHODOLOGY AND DESIGN
An overview 45
Sources of data 45
Primary data 46
Secondary data 46
Population of the study 47
Sample size of study and slice ways 49
Instrument in determining sample size 51
Validity of the instrument 51
system of data donation analysis 53
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
An overview 56
Data donation 57
Data analysis 58
Testing of thesis 68
Discussion of findings 76
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
Summary findings 78
Conclusion 79
Recommendations 81
Suggestion for farther studies 83
Bibliography
Excursus
Questionnaire
Chapter One
Preface
Background Of The Study
The principle point, which distinguishes husbandry from other product sectors, is its great dependence on nature which itself is beyond man’s control. The agrarian sector, as significance as it’s exposed to extremely high degree of fragment arising out of natural factors like rainfall conditions. misgivings, regarding the quality and quality of the crop/ beast affair due to natural hazards, are one of the introductory pitfalls that are constantly faced by every planter. But maturity of growers are subsistence in natures and are infrequently suitable to bear similar threat especially when large loss involved. The decline in the force of products in turn creates a deficit of inputs in other sectors of the frugality therefore the entire frugality is open to the serious consequences of agrarian pitfalls of which the growers, are most direct and primary victims. utmost of these events that affect in these losses are beyond the control or forestallment by individualities or society as a whole.
It’s thus, important that bias be employed for minimizing the adverse profitable effect of these natural hazards in husbandry. Not only lives and well being of individualities but also the profitable viability of the entire nation may be at state.
Agrarian insurance is thus the most important available device for minimizing the adverse goods of natural hazards. Agricultural Insurance Scheme is a collaborative system or scheme for reducing profitable misgivings through the introductory ways of threat pooling whereas the frequence of the inflexibility of crop losses of individual growers can not be prognosticated, the pungency and inflexibility of losses frequence is mainly increased when analogous exposure of large number of growers are pooled.
still, there are measures established to increase agrarian product and from income like the Agricultural Development Project( ADP), operation feed the Nation( OFN), the Green Revolution, the Nigeria Agricultural and united Bank and colorful River Basin Authorities in remitted countries. These measures haven’t been with success because of the huge losses of agrarian product caused by natural disaster/ hazards which has been the major constrains in adding food product in Nigeria frugality. Agrarian insurance thus offers product to growers( ensured) from the effect of these natural disaster and insure payment of applicable compensation sufficient to keep the formers in the business after suffering a loss. It minimizes and eliminates the need for exigency backing handed by government during the period of agrarian disaster.
Agricultural Insurance Scheme is thus; aimed at encouraging banks to be more liberal in extending agrarian credits to growers for increased food product since their loans are under agrarian insurance policy cover. Most importantly, the scheme includes exploration and development which generates inventions that reduce pitfalls of conditions, faves and yield losses in agrarian product and give protection to growers. It provides fiscal support and increases the growth of agrarian credit from advancing institutions and growers. thus, growers are encouraged to insure their ranch systems with Nigerian Agricultural Insurance Corporation( NAIC), so as to have further coexistence to embark on wider ranger of Agrarian products.
Statement Of The Problem
There has been so numerous problems associated with Nigeria Agricultural insurance cooperation in agrarian development in Nigeria. Some of similar problem includes
1. Nigeria Agricultural insurance cooperation aren’t adequately covering Agrarian threat.
2. Nigeria Government isn’t adequately funding Nigeria Agricultural insurance cooperation.
3. Famers in the pastoral Areas do n’t indeed know the actuality of Nigeria Agricultural insurance cooperation.
Ideal Of The Study
The end of this exploration work is to examine the part of Nigeria Agricultural insurance cooperation in the development of Nigerian agrarian assiduity, the specific ideal of the study include the following
1. To examine why Nigeria Agricultural insurance cooperation aren’t adequately covering agrarian threat.
2. To examine why Nigerian government isn’t adequately funding Nigeria Agricultural insurance cooperation and its profitable recrimination.
3. To know why famers in the pastoral area don’t know about the actuality of Nigeria Agricultural insurance cooperation.
Exploration Question
1. Why is Nigeria Agricultural insurance cooperation not adequately covering agrarian threat?
2. How does poor backing of Nigeria Agricultural insurance cooperation affect Agrarian development in Nigeria?
3. What are the profitable goods of none actuality of Nigeria Agricultural insurance cooperation in the pastoral areas?
Exploration Thesis
The following exploration thesis were formulated by the experimenter
Ho poor covering of agrarian threat by Nigeria Agricultural insurance cooperation don’t affect the development of Agrarian assiduity.
H1 poor covering of agrarian threat by Nigeria Agricultural insurance cooperation affects the development of Agrarian assiduity.
Ho The poor backing of Agrarian insurance cooperation has no effect on Agrarian development in Nigeria.
H1 The poor backing of Agrarian insurance cooperation has a significant effect on Agrarian development in Nigeria.
Ho None actuality of Nigeria Agricultural insurance cooperation in the pastoral area don’t have any profitable effect.
H1 None actuality of Nigeria Agricultural insurance cooperation in the pastoral area has significant effect on agrarian assiduity.
Significance Of The Study
This exploration work will be of immense help to
The pupil it’ll help the experimenter to know more on the part of Nigeria Agricultural insurance cooperation in the development of Nigerian agrarian assiduity.
The Stake holders this study will be of great significance to stake holders as it’ll enrich their knowledge on the colorful places of NAIC to the pastoral residers.
Insurance company this will inversely be of help to the insurance companies in Nigeria because when the exact part of NAIC is linked and they carry out th
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