Lasaco Assurance Plc has introduced a new insurance product designed to protect Nigerian farmers and agricultural cooperatives against risks in the agriculture sector. The company presented its Cooperative Insurance Scheme to the Minister of State for Agriculture and Food Security, Senator Aliyu Abdullahi, during a recent courtesy visit aimed at exploring potential public-private partnerships that will strengthen agricultural insurance in Nigeria.
The meeting took place in Abuja, where the Minister received the delegation from Lasaco Assurance Plc, led by its Managing Director and Chief Executive Officer, Mr. Razzaq Abiodun. The team included top management staff from the insurance firm who were on hand to explain how the new scheme will provide long-term protection and support for rural farmers and farming communities across the country.
According to a statement issued by the company on Sunday, the Cooperative Insurance Scheme is built to give Nigerian farmers access to dependable insurance coverage, ensure financial security, and encourage sustainable agricultural practices. The scheme will cover different categories of risks including natural disasters, pests, diseases, and other challenges that farmers commonly face.
Mr. Razzaq Abiodun told the Minister that Lasaco Assurance is committed to providing inclusive and customer-friendly insurance products that truly address the needs of everyday Nigerians. He said the agricultural sector is too important to be left without adequate protection, especially at a time when food security has become a top national priority.
“We are bringing insurance to the grassroots. This scheme is designed not just for big farm owners but for the small-scale farmer who needs protection against unexpected losses. We want to empower agricultural cooperatives and individual farmers to have peace of mind and build resilience,” Abiodun said.
He added that the Cooperative Insurance Scheme is a step towards building a stronger insurance culture in rural communities and ensuring that farmers are not left alone to bear the risks of climate change, market instability, and other shocks.
Senator Aliyu Abdullahi welcomed the initiative and praised Lasaco Assurance for taking bold steps to support the agriculture sector. He noted that the insurance scheme aligns with the Federal Government’s efforts to achieve food security, promote rural development, and improve economic resilience in farming communities.
The Minister also encouraged more collaboration between the private sector and government agencies to drive innovation and investment in agriculture. He expressed hope that the Lasaco scheme would serve as a model for other insurance providers to follow in supporting Nigerian farmers.
The meeting also provided an opportunity for both sides to discuss possible areas of collaboration, including how to leverage the Ministry’s existing platforms to increase awareness and adoption of agricultural insurance across the country.
Lasaco Assurance Plc said the visit to the Minister was part of its forward-looking strategy to align with national development goals while staying true to its mission of putting customers first. The firm stated that it is committed to bridging protection gaps in the agricultural sector, building trust at the grassroots level, and supporting the long-term transformation of Nigeria’s rural economy.
“We understand that agriculture is the backbone of the Nigerian economy. That is why we are not just selling insurance; we are offering solutions that secure livelihoods and empower communities,” the company said in its statement.
As Lasaco continues to expand its reach in agric-insurance, the company reaffirmed its dedication to designing products that address the real-life challenges of farmers. It said the Cooperative Insurance Scheme would also encourage more people, especially youths, to venture into farming by reducing the fear of losses and uncertainties.
The visit and the new product offering come at a time when stakeholders in agriculture are calling for stronger risk management tools to support national food production targets. With unpredictable weather patterns and increasing threats from climate change, agricultural insurance is now seen as a critical pillar for sustainable farming.
Lasaco Assurance Plc, a Nigerian insurance company with a long-standing presence in the market, says it is ready to partner with cooperatives, farmer associations, government institutions, and donor agencies to deepen insurance penetration in the agriculture value chain.
