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AGRICULTURAL INSURANCE AND RISK MANAGEMENT IN
                   NIGERIA.




             SUNDAY C NWITE Ph.D
FIRST PUBLISHED 2012

                                  FOREWORD
Agricultural 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.O
Senior Lecturer
Department of Banking and Finance
Ebonyi State University Abakaliki
Ebonyi State
DEDICATION
This book is dedicated to by late parents Mr. and Mrs Nwite Igwe who sent
me to school and paid my fees.
ACKNOWLEDGEMENT
Writing 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 CONTENTS
CHAPTER ONE
The Concept of Agricultural Insurance
Historical Development of Agricultural Insurance
Reasons for Agricultural Insurance
Various Activities of Agricultural Farmers Engage into Insurance
The Objectives of Agricultural Insurance in Nigeria
References

CHAPTER TWO
AGRICULTURAL INSURANCE RISK
The Concept of Risks
Historical Development of Risk
Types of Risks
Various Types of Risks Inherent in Agricultural Activities
The Various Activities of Agriculture
Various types of Policies Available to Agricultural Insurance Farmers
References

CHAPTER THREE
AGRICULTURAL INSURANCE AS A LEGAL CONTRACT

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Agricultural insurance and risk management in nigeria

  • 1. AGRICULTURAL INSURANCE AND RISK MANAGEMENT IN NIGERIA. SUNDAY C NWITE Ph.D
  • 2. FIRST PUBLISHED 2012 FOREWORD Agricultural 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.O Senior Lecturer Department of Banking and Finance Ebonyi State University Abakaliki Ebonyi State
  • 3. DEDICATION This book is dedicated to by late parents Mr. and Mrs Nwite Igwe who sent me to school and paid my fees.
  • 4. ACKNOWLEDGEMENT Writing 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.
  • 5. TABLE OF CONTENTS CHAPTER ONE The Concept of Agricultural Insurance Historical Development of Agricultural Insurance Reasons for Agricultural Insurance Various Activities of Agricultural Farmers Engage into Insurance The Objectives of Agricultural Insurance in Nigeria References CHAPTER TWO AGRICULTURAL INSURANCE RISK The Concept of Risks Historical Development of Risk Types of Risks Various Types of Risks Inherent in Agricultural Activities The Various Activities of Agriculture Various types of Policies Available to Agricultural Insurance Farmers References CHAPTER THREE AGRICULTURAL INSURANCE AS A LEGAL CONTRACT