AGRICULTURAL INSURANCE AND RISK MANAGEMENT IN NIGERIA.

SUNDAY C NWITE Ph.D

FIRST PUBLISHED 2012

FOREWORDAgricultural insurance and risk management in Nigeria written by Nwite Sunday C P.D came up at the right time when Nigerians are trying to shift from oil and gas dependent to agriculture.Agricultural activities are always exposed to lots of risks which if not properly managed can cause a lot of financial hazards to the farmers, upon how old insurance business has lasted in Nigeria, it is still new and its foreignness is still in our culture. This book made up of seventeen chapters touched all areas of agricultural activities in Nigeria, the risks exposed to Agricultural operators sources of fund to Agricultural farmers and management of such risks. It also went to discuss the management of risks exposed both the farmers and Agricultural products. I am so happy to be associated in writing the forward of this book and strongly recommend the textbook to farmers of all categories, student of Agriculture in all universities, polythenics and postgraduate students. The language and the management 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

DEDICATIONThis book is dedicated to by late parents Mr. and Mrs Nwite Igwe who sent me to school and paid my fees.

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, the foundation Head of Department of Insurance and Risk Management. Prof. J.I Aneke, the Head and Dean of the Faculty who carries every staff as a father.The lecturers of Banking and Finance, Dr. Okoro Whyte S.A, Dr. Okereke Monday Ugwu, the Academic bulldozers, Dr. Abel Ezeoha, Dr. Ogiji Festus, why friend and Brother, Dr. Onwe B.U, Dr. Nwankwo Odi, Mr. Eze Onyeka, a Ph.D student of Banking and Finance. My thanks go to lecturers of Insurance Department, Enugu State University of Science and Technology ESUT Enugu, Mr. Nwafor Chijioke, Mentor and sponsor of my academic 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 and Technology – Enugu. My friends and relations the greatest appreciation goes to my family, my wife Esther Nwite, my children for their understand and endurance and allowing me to engage in claims of academic activities.

TABLE OF CONTENTSCHAPTER ONEThe Concept of Agricultural Insurance Historical Development of Agricultural InsuranceReasons for Agricultural InsuranceVarious Activities of Agricultural Farmers Engage into InsuranceThe Objectives of Agricultural Insurance in Nigeria References

CHAPTER TWOAGRICULTURAL INSURANCE RISK The Concept of RisksHistorical Development of Risk Types of RisksVarious Types of Risks Inherent in Agricultural ActivitiesThe Various Activities of AgricultureVarious types of Policies Available to Agricultural Insurance FarmersReferences

CHAPTER THREEAGRICULTURAL INSURANCE AS A LEGAL CONTRACT