Morocco and Nigeria create a committee for agricultural insurance

Morocco and Nigeria have founded a steering committee to set up an insurance scheme that would cover the Nigerian agricultural sector, This day reports today.

The new committee will have to «use parametric products and leverage on the Moroccan model for crops covering selected areas of between 5000 and 10,000 hectares of land», the same source points out.

According to the Nigerian online newspaper, this committee will bring together representatives of the Moroccan Agricultural Insurance Company (MAMDA), the Nigerian Agricultural Insurance Corporation (NAIC), Bank of Agriculture, and MAMDA RE.

Folashade Joseph, the managing director of NAIC told the same source during the inauguration of the committee that «NAIC last month paid a working visit to MAMDA RE in Morocco to further activate the terms of the agreement and to understudy the Moroccan experience in the development and deployment of Area Yield Index Insurance products».