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Adoption of Technology as Risk Mitigation Methods in Agriculture
In addition to the risk mitigation methods previously discussed, other risk mitigation methods that farmers employ include management alternatives, information, and the adoption of technology. Good management practices can be… Read More
Enterprise Diversification and Vertical Integration as Risk Mitigation Methods in Agriculture
Risk is an important aspect of the farming business. The uncertainties of weather, yields, prices, government policies, global markets, and other factors can cause wide swings in farm income. Risk… Read More
Hedging, Leasing, and Off-Farm Employment as Risk Mitigation Methods in Agriculture
Hedging (futures contracts), off-farm employment, and leasing are risk management techniques that farmers employ to mitigate risks on their farms, aiming to reduce income variability and stabilize output. A primary… Read More
Risk Transfer/Risk Sharing Strategies in Agriculture
Risk transfer refers to the transfer of the potential financial consequences of particular risks from one party to another. While insurance is the best-known form of risk transfer, in developing… Read More
The Nigerian Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL)
The agricultural sector is central to Nigeria’s economy, accounting for 40% of the Gross Domestic Product (GDP) and providing over 60% of employment. However, the sector represents only 1% of… Read More
Meaning and Scope of Agricultural Insurance
The farmer is the agent best positioned to understand the dimensions, characteristics, and correlations of the risks that affect their farm. They are also best positioned to evaluate the availability… Read More
Risk Coping Strategies in Agriculture
After risk mitigation and transfer strategies have been assessed and implemented, the next step is to accept the remaining risk(s) and take measures to cope with them. Risk coping involves… Read More
Types of Agricultural Insurance and Insurability of Agricultural Risks
Earlier, it was established that agricultural insurance is a financial tool to transfer risks associated with farming to a third party via the payment of a premium that reflects the… Read More
Roles of Government in Risk and Uncertainty Management in Agriculture
Risk and uncertainty are ubiquitous and varied within agriculture and agricultural supply chains. This stems from a range of factors, including the vagaries of weather, the unpredictable nature of biological… Read More
ICT and Risk Management in Agriculture
Risk and uncertainty are ubiquitous and varied in agriculture. They stem from uncertain weather, pests and diseases, volatile market conditions, and commodity prices. Managing agricultural risk is particularly important for… Read More
Risk Management Process and Benefits of Risk Management in Agriculture
The management of risk involves a process that indicates such a task is not expected to be taken casually by farmers or their representatives if the end result is to… Read More
Meaning and Categories of Risk Attitudes of Farmers
Risk management strategies are also affected by an individual’s ability to bear (or take) risk. Simply stated, risk-bearing ability is directly related to the solvency and liquidity of one’s financial… Read More