The Nigerian Meteorological Agency (NiMet) has partnered with REX Insurance to provide weather-based insurance solutions designed to help Nigerian farmers safeguard their livelihoods against climate-related losses.

This initiative, which is an offer against unpredictable weather events such as droughts and floods, will make agriculture both safer and more sustainable for farmers across the country.

During the signing ceremony of the Memorandum of Understanding (MoU}, Prof. Charles Anosike, Director General and CEO of NiMet, shared a brief history of the agency, highlighting its over 100 years of weather observation in Nigeria.

He explained that the agricultural sector is increasingly vulnerable to the effects of climate change, which can negatively impact crops, livestock, soil, water resources, and rural communities.

Prof. Anosike noted the concept of a weather index agricultural insurance scheme, which uses measurable weather data to trigger insurance payouts when conditions surpass certain thresholds. This approach, combined with crop calendar forecasting (a tool that predicts optimal planting and harvesting times based on climate data), is designed to give farmers access to timely weather and climate information, supporting smarter agricultural practices and boosting crop yields.

Also speaking , the managing director and CEO of REX Insurance, Ebelechukwu Nwachukwu, provided further insight into the company’s background. Formerly known as Royal Exchange Insurance and established in 1918 as Nigeria’s first insurance company, REX Insurance has recently embraced technology to enhance its products and services, especially in agriculture.
Nwachukwu emphasised that their transformation focuses on helping small holder farmers plan more effectively.

She announced that, through this partnership, index-based insurance for small holder farmers will soon become a reality in Nigeria.

Source - https://leadership.ng