AN APPRAISAL OF AGRICULTURAL INSURANCE IN A DEVELOPING NATIONAL LIKE NIGERIA (A CASE OF NAIC BETWEEN 2000 – 2010)
ABSTRACT: This project is on the topic titled “An Appraisal of Agricultural Insurance in a Developing Nation like Nigeria, A case study of NAIC between (2000 – 2010)”. The work is divided into five chapters. Chapter one deals with background of study, statement of problem that led to the research work, objective of the study, research questions, scope of the research questions, scope and limitation of the study, significance of the study and definition of operational terms. Chapter two covers review of relevant literatures, historical development of the insurance, agricultural insurance in Nigeria, Objectives of NAIC, risk associated with agriculture and so on. Chapter three discusses research methodology including source of data and validity of the instrument. Chapter four covers findings and discussion of findings and chapter five covers conclusions and recommendations.
TABLE OF CONTENTS
CHAPTER ONE – INTRODUCTION 1
- Background of the Study 1
- Statement of the Problem 3
- Objectives of the Study 4
- Research Questions 5
- Significance of the Study 6
- Scope and Limitations of the Study 7
- Definition of Operational Terms 9
CHAPTER TWO
- An Overview 11
- Historical Development of Insurance in Nigeria 12
- Agricultural Insurance in Nigeria and its
Effect on the Farmers 15
- Objectives of NAIC 16
- Risks Associated with Agriculture 17
- The Covers Under NAICS 21
- The Cost of Insurance in NAICS 22
- Achievement of NAICS 24
- Challenges Facing NAICS 29
References 31
CHAPTER THREE – RESEARCH METHODOLOGY 32
- Source of Data 32
- Population of the Study 33
- Sample Size 33
- Instrument Used for Data Collection 34
- Validity of Instrument 34
- Reliability of instruments 34
CHAPTER FOUR – SUMMARY OF FINDINGS 36
- Summary of Findings 36
- Discussion of Findings 37
CHAPTER FIVE – CONCLUSION AND RECOMMENDATIONS
- Conclusion 40
- Recommendations 40
Bibliography 44
Appendix I 46
Appendix II 47
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Agriculture is the art and service of crop and livestock production. In its broadcast sense, agricultural comprises the entire range of technologies associated with the production of useful products from plants and animals, including soil cultivation, crop and livestock management, and the activities of processing and marketing. Agricultural sector in Nigeria suffered neglect during the hely-days of the oil boom in the 1970s. Ever since then Nigeria has been witnessing extreme poverty and insufficient of basis food items.
The agricultural sector was faced with numerous challenges and this motivated the federation government to introduce the agricultural insurance which is designed to provide covers for financial losses incurred due to reduction in expected outputs from agricultures products. The major products are crops and livestock’s, other includes fisheries and forestry. Crop insurance and livestock insurance provide the two broad categories for which commercial insurance and covers are designed. Because of the complexities brought to agricultural ventures due to mechanization, a broad range of traditional policies, namely personal accident, fire, vehicles, machinery and public liability covers are made essential parts of a comprehensive agricultural insurance package. Agricultural investments unfortunately are among the most risky economic ventures one can embark upon.
