The Nigerian Meteorological Agency (NiMet) has disclosed its partnership with REX Insurance Limited to develop weather index insurance products aimed at protecting Nigerian farmers from climate related losses.
According to the agency on Monday, the partnership is expected to provide insurance solutions that cushion the impact of unpredictable weather events such as droughts and floods.
Also, help farmers safeguard their livelihoods while promoting more sustainable agricultural practices across the country.
Speaking during the signing of the Memorandum of Understanding (MoU), the Director General of NiMet, Charles Anosike, said the agency’s over 100 years of weather observation places it in a strong position to support climate-risk management in agriculture.
He noted that climate change continues to expose the agricultural sector to significant risks, affecting crops, livestock, soil, water resources and rural communities.
According to him, the proposed weather-index agricultural insurance scheme will rely on measurable weather data to trigger insurance payouts whenever conditions exceed predefined thresholds.
Anosike explained that the scheme will also leverage crop calendar forecasting; a tool that predicts optimal planting and harvesting periods based on climate data to provide farmers with timely weather and climate information that can improve planning and boost yields.
Also speaking, the Managing Director and Chief Executive Officer of REX Insurance, Ebelechukwu Nwachukwu, said the company has recently repositioned itself to deploy technology in delivering innovative insurance solutions, particularly for the agricultural sector.
She explained that the firm, formerly known as Royal Exchange Insurance and established in 1918 as Nigeria’s first insurance company, is focused on helping smallholder farmers manage risks and plan their farming activities more effectively.
Nwachukwu added that the collaboration with NiMet would make index-based insurance accessible to smallholder farmers, enabling them to receive compensation when adverse weather conditions affect their production.
Anosike, in his closing remarks, stressed that insurance remains a critical tool for managing climate risks, especially as extreme weather events become more frequent.
He reaffirmed NiMet’s commitment to the partnership, expressing confidence that the initiative would strengthen farmers’ resilience and improve agricultural productivity in Nigeria.
