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Agricultural insurance and risk management in nigeria


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Agricultural insurance and risk management in nigeria

  2. 2. FIRST PUBLISHED 2012 FOREWORDAgricultural insurance and risk management in Nigeria written by NwiteSunday C P.D came up at the right time when Nigerians are trying to shiftfrom oil and gas dependent to agriculture.Agricultural activities are always exposed to lots of risks which if notproperly managed can cause a lot of financial hazards to the farmers, uponhow old insurance business has lasted in Nigeria, it is still new and itsforeignness is still in our culture. This book made up of seventeen chapterstouched all areas of agricultural activities in Nigeria, the risks exposed toAgricultural operators sources of fund to Agricultural farmers andmanagement of such risks. It also went to discuss the management of risksexposed both the farmers and Agricultural products. I am so happy to beassociated in writing the forward of this book and strongly recommend thetextbook to farmers of all categories, student of Agriculture in alluniversities, polythenics and postgraduate students. The language and themanagement of the technical terms is highly appreciated.The book is so invaluable and it is a must read to everybody in Nigeria.Dr. Ogiji Festus.OSenior LecturerDepartment of Banking and FinanceEbonyi State University AbakalikiEbonyi State
  3. 3. DEDICATIONThis book is dedicated to by late parents Mr. and Mrs Nwite Igwe who sentme to school and paid my fees.
  4. 4. ACKNOWLEDGEMENTWriting a book is like building a house, a lot of materials are always needed.In the same vain, in writing this book, a lot of textbooks were consulted. Mr.Odo Cosmas made and impact in putting the first textbook which upon that,I improved on and the book I consulted mostly. Prof Obi Mordi, thefoundation Head of Department of Insurance and Risk Management. Prof.J.I Aneke, the Head and Dean of the Faculty who carries every staff as afather.The lecturers of Banking and Finance, Dr. Okoro Whyte S.A, Dr. OkerekeMonday Ugwu, the Academic bulldozers, Dr. Abel Ezeoha, Dr. Ogiji Festus,why friend and Brother, Dr. Onwe B.U, Dr. Nwankwo Odi, Mr. EzeOnyeka, a Ph.D student of Banking and Finance. My thanks go to lecturersof Insurance Department, Enugu State University of Science andTechnology ESUT Enugu, Mr. Nwafor Chijioke, Mentor and sponsor of myacademic programme. Mr. Ezema Clifford, Uncle Okafor Andy, Mr.Ezekwe Kenneth, Chief C.O.R Enwereuzor, Dr. Chikeleze, Mrs Ann Eche,the Head of Department of Insurance, Institute of Management andTechnology – Enugu. My friends and relations the greatest appreciation goesto my family, my wife Esther Nwite, my children for their understand andendurance and allowing me to engage in claims of academic activities.
  5. 5. TABLE OF CONTENTSCHAPTER ONEThe Concept of Agricultural InsuranceHistorical Development of Agricultural InsuranceReasons for Agricultural InsuranceVarious Activities of Agricultural Farmers Engage into InsuranceThe Objectives of Agricultural Insurance in NigeriaReferencesCHAPTER TWOAGRICULTURAL INSURANCE RISKThe Concept of RisksHistorical Development of RiskTypes of RisksVarious Types of Risks Inherent in Agricultural ActivitiesThe Various Activities of AgricultureVarious types of Policies Available to Agricultural Insurance FarmersReferencesCHAPTER THREEAGRICULTURAL INSURANCE AS A LEGAL CONTRACT