Following an earlier warning from the Nigerian Meteorological Agency (Ni- MET) about 2023 rainfall and expected flooding, the Managing Director/CEO of Leadway Assurance Company Limited, Mr. Tunde Hassan-Odukale, has urged farmers across the country to obtain the necessary agric and flood-related insurance policies to secure their investments.

It is to be noted that NiMET had already forecast that this year would witness an early onset of rainfall accompanied by flooding, adding that from March, coastal areas in the South-South, particularly Bayelsa, Akwa Ibom, and Rivers State, will experience heavy downpours; Southern Inland cities would see precipitation in April, while central states will see rain in May.

NiMET also predicted extended rainfall in Gombe, Kaduna, Kwara, Enugu, Anambra, Ogun, and Lagos states. Speaking on the flood in 2022 that resulted in 662 deaths across 33 states and agricultural investments washed away, Hassan-Odukale said this year’s weather forecast also painted a bleak picture, especially, against the backdrop of the prevailing global inflation and economic vulnerabilities and uncertainties. He lamented: “As a nation, as agribusiness investors, business owners, property and asset managers, families, and individuals, we must pro-actively take action to mitigate the disheartening and devastating human and material losses from the flooding incidents in 2022.”

According to him, Leadway Assurance has designed insurance policies to help victims of devastating flooding recover from the massive financial losses “to the Agricultural market, which contributed 26.97 per cent to the national GDP in 2022, as the most vulnerable sector to flood devastation. “The National Agricultural Extension and Research Liaison Services (NAERLS), Ahmadu Bello University, Zaria, estimated that the industry lost about N700 billion to the 2022 flood.” However, he advised farmers to be cautious and proactive to harness the right insurance policies with his insurer, promising prompt claims payment upon any insured disaster. Specifically, a report by the NAERLS had shown that the 2022 flood in Nigeria ravaged about N700 billion worth of investment in the agricultural sector. While presenting the executive summary of the report to the Minister of Agriculture and Rural Development in Abuja, the Executive Director of NAERLS, Professor Emmanuel Ikani, said the floods damaged crops and destroyed agricultural land, leading to reduced yields and economic losses for farmers. He said it was estimated that there are over 3000 gully erosion sites in the 10 most-affected states in the South-East, South-South, and Southwestern parts of Nigeria. “Soil water also contaminated the soils and makes them less fertile, leading to longer-term impacts on crop and animal production. The economic value of the agricultural-related losses due to the 2022 flood was estimated to be about N700 billion. “The 2022 flooding situation damaged roads, bridges, and other transport networks, making it difficult for people to travel and for agricultural goods to be transported. The flood also damaged agricultural stores and warehouses. “The flood had serious consequences for human populations, including loss of life, injury, and displacement. It led to the spread of waterborne diseases and disrupted access to clean water and other necessities,” he added.

Source: New Telegraph

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