Agricultural Insurance and Sustainable Food Supply Systems: An Assessment for Nigerian Farmers
Journal Title: Journal of Agricultural Economics & Development - Year 2023, Vol 37, Issue 2
Abstract
Agriculture plays a pivotal role in Africa's development and is essential for achieving the Sustainable Development Goals (SDGs). However, the agricultural sector is inherently exposed to production risks, and many farmers in the developing world lack access to reliable agricultural insurance coverage. This situation arises due to limited data and knowledge about farmers' insurance needs and the high costs associated with insuring against severe agricultural risks. Promoting agricultural insurance as an instrument can have several significant impacts, aligning with multiple SDGs. It can help stabilize farmers' income, thereby contributing to the goal of reducing poverty (SDG 1). Moreover, agricultural insurance can provide a safety net for food producers, helping them manage the impacts of climate-related risks and aligning with SDG 13, which addresses climate action. Additionally, by enhancing the resilience of farmers and ensuring more predictable income, agricultural insurance can contribute to addressing hunger (SDG 2) and ultimately create a more sustainable and prosperous agricultural sector in Africa. Therefore, this study evaluated agricultural insurance as an instrument for sustainable food supply systems in Nigeria. This study adopted a survey design. This study captured thoughts, experiences, and observations of selected agricultural underwriters in the Nigerian insurance industry through structured questionnaire. A descriptive statistic was employed in the data analysis. This study results indicated that aside from farmersâ awareness which showed some level of yardstick with respect to farmers behavioural metrics, all other metrics played no significant roles. It was also recorded that why farmersâ age, gender, family size and farming experience have no significant roles in the uptake of agricultural insurance, all other participatory factors have major effects. The study contributed significantly to knowledge with the graphical representations of the challenges confronting the agricultural insurers in Nigeria. The study provided suitable recommendations that endear achievable SDGs in Nigeria.
Authors and Affiliations
Sunday Ajemunigbohun,Ibraheem Abdul-Azeez,
Keywords
Related Articles
- EP ID EP725982
- DOI 10.22067/jead.2023.78280.1159
- Views 109
- Downloads 0
Climate Change and Agricultural Trade in Iran: A Dynamic Input-Output Analysis
In recent decades, the significance of the issue of climate change has escalated due to its intensified impacts, potentially diminishing or halting economic growth, particularly in developing countries and vulnerable sec...
Investigating the Effective Components on Customer Lifetime Value of Dairy Products in Tehran
In contemporary marketing, maintaining and enhancing customer loyalty toward a company's products or services has become a primary focus. Among the factors influencing customer loyalty is ethical marketing, a field of ap...
Effect of Customer Relationship Management on Company Performance According to the Moderating Role of Innovation Capability: Evidence from Button Mushroom Production and Packaging Company
IntroductionAgriculture, as one of the most important economic sectors in Iran, has many capabilities and capacities for creating many jobs with minimal investment (Sifelahi, 2021). One of the active fields in agricultur...
Dynamic Analysis of Economic, Environmental and Social Dimensions of Agricultural Sustainability in Iranian Provinces with the Approach of Indicators
IntroductionAgriculture and its products play a crucial role in sustaining human life. The introduction of the green revolution has greatly enhanced agricultural productivity worldwide by providing irrigation water, intr...
Explaining the Pattern of Effective Factors in Building the Capacity of Extension Experts in the Development of Smart Climate Agriculture in the Northwestern Provinces of the Country
Introduction Every country in the path of sustainable development needs capacity building and empowerment of human resources, organizations and environmental and ecological conditions, for this reason capacity building...