As part of efforts to strengthen the resilience of Nigeria’s agricultural sector, the Nigerian Meteorological Agency has entered into a partnership with REX Insurance to introduce weather driven insurance solutions for farmers.
The initiative is designed to protect farmers against losses caused by unpredictable climate conditions, including drought and flooding, which have continued to disrupt agricultural activities across the country. By providing a safety net, the collaboration is expected to support more sustainable farming and improve food security.
During the signing of the Memorandum of Understanding, the Director General and Chief Executive Officer of NiMet, Professor Charles Anosike, noted that the agency’s long standing experience in weather observation, which dates back over a century, places it in a strong position to support the programme. He stressed that climate change is increasingly affecting key aspects of agriculture, from crop yields to livestock, soil health, and water resources.
He further explained that the planned insurance model will rely on weather index data, where payouts are activated once specific environmental conditions reach predetermined levels, rather than through conventional loss verification processes.
In her remarks, the Managing Director and Chief Executive Officer of REX Insurance, Mrs Ebelechukwu Nwachukwu, traced the company’s roots to 1918 when it operated as Royal Exchange Insurance, the country’s earliest insurance provider. She said the company’s recent transformation is aimed at delivering practical solutions for smallholder farmers.
Nwachukwu added that the partnership will make it easier for farmers to plan their activities with greater certainty, expressing confidence that index based agricultural insurance will soon be accessible to farmers nationwide.
