By Rosemary Iwunze
Amidst several challenges in the agriculture sector of the Nigerian economy, insurance industry expert has hinted that an annual premium income estimated at $600million is lost to inadequate investment in the sector.
Disclosing this at the Africa Re’s Agriculture Insurance Workshop for Nigeria in Lagos, Deputy Managing Director/Chief Operating Officer of African Reinsurance Corporation, Africa Re, Mr. Ken Aghoghovbia, said that agriculture remains a key contributor to Nigeria’s gross domestic product, GDP, but is undermined by limited investments in the sector.
Aghoghovbia stated: “Agriculture remains a key contributor to Nigeria’s GDP, and like in many emerging economies, accounts for 30% of the country’s total economic output; providing employment to at least 35% of its over 200 million population.
“With sustained pressure on food security, arising from the increasing population and the government’s push to diversify the economy,…
Source: Vanguard Newspaper
