The Fertilizer Producers and Suppliers Association of Nigeria (FEPSAN) who are positioned to cater for the supply of fertilizers to potential farmers in Nigeria, had taken a bold step to actualize a great step to supporting the Nigerian who are farmers by bringing to them the insurance scheme. This scheme had been supported by the Area Yield Index Insurance, which FEPSAN had chosen to partner with to deliver these classic products to the end users and at such looking up to over 3.9 million farmers across the nation for the year 2020, while targeting a total estimate of 19 million by the year 2025.
However, judging from the statement by the FEPSAN chairman, who stated clearly that this project is borne out of the fact that they are trying to scale through the twin line process of getting fertilizer in a secured way and relatively going for the insurance scheme aimed at also targeting not only potential customers acquisition to get enrolled on their platform.
FEPSAN chairman, Mr. Etuh Thomas while giving his briefing analyze the fact that the insurance scheme is provisioned to be used as an encouragement platform for engaging farmers to more profit with little or low resources. However, this partnership is expected to provide an estimated 14 million bags of fertilizers left alone for the other combing insurance products packaged to the tune of 4.0 million farmers before the year 2020 runs to an end, with an expected increase of over 25 million in the year 2025, making it a wide range product estimated to run for the period of five years consecutively.
To get this in place, several stakeholders from different angles of the fertilizer usage group met in Abuja, the Federal Capital Territory to analyze and provide modalities for the successful implementation of the project, thereby putting into cognizance the fact that that the project would put the farmers at double advantage as one, it would introduce to farmers the advantages of fertilizer usage on our farmlands and also provide insurance scheme to them at a relatively affordable rates and bringing products to them at almost their doorsteps.
When interviewed, the Chief Executive Officer of Pula Insurance Company, a pan African index insurance firm, whose insurance company had presence in over 10 different countries, Chief Mrs. Goslinga Rose stated categorically that the product “Yield Insurance” would go a long way in added advantage to not only the farmers but also the approved participating Nigerian fertilizer producing companies.
Ranging from climate change crisis, low economic outputs on farm products, thus, the introduction of Yield insurance is a scheme to be alluded on the basis of its relative importance to combat the crisis faced by farmers in their day to day activities, and always product protection ranging from low correctional method of pest control, drought, farm produce diseases among other, it is no doubt that this is a welcome development for all parties involved.
In the same vein, FEPSAN assures farmers of adequate compensation in cases of loss as regards agreement signed with Pula, thereby reducing and minimizing their risk level. Potential risk management strategies would also be managed by Pula Advisors, a subsidiary of Pula firm whose task is to give detailed and comprehensive data analysis in terms of risk management and also gives rooms for farmers who intend to invest their funds in the fertilizer production, thus giving them alternatives to earning from there investment with zero risk involved.
The one day workshop organised by FEPSAN and moderated by Pula was fully sponsored by several agencies and non profit making organization like the Gates and Rocketfeller foundations, UKaids, USAID and many more organizations.
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