ABSTRACT

This study examined the impact of agricultural insurance financing on the growth of the Nigeria economy for the period 1986 to 2022. The objectives of the study were to find out whether agriculture insurance financing, agriculture insurance premium, agricultural insurance reserves, agricultural production and insurance claims significantly impact economic growth in Nigeria.

To this end, the fully modified least square (FMOLS) econometric technique was employed in the analysis of data and the results obtained there from indicate that agriculture insurance financing (AGRINS), insurance premium (PREM) and agricultural insurance reserves (AGRRES) have significant positive impact on economic growth in Nigeria. However, those of agricultural production (AGPRO) and insurance claims (INCLMS) do not have significant impact on economic growth in Nigeria.

The study therefore recommends among others that, since premium significantly impact economic growth in this study, and in order to ensure continuous positive effect on growth in Nigeria, management must ensure proper management and utilization of series of premium paid into the coffer insurance firms  and as well as engage them on profitable investments that will enhance shareholders’ wealth. Doing this will go a long way to ensure that premium have the needed positive impact on economic growth in Nigeria.