NiMet and Rex Insurance Partner for Weather Index Insurance

The Nigerian Meteorological Agency (NiMet) and Rex Insurance have entered into a partnership to offer weather index insurance solutions designed to help Nigerian farmers safeguard their livelihoods against climate-related losses. The memorandum of understanding (MoU) was signed during a ceremony where Prof.

Charles Anosike, the Director General and CEO of NiMet, highlighted the agency's 100 years of weather observation in Nigeria. He noted the increasing vulnerability of the agricultural sector to the impacts of climate change, which negatively affects crops, livestock, soil, and water resources in rural communities.

The weather index insurance scheme will utilize weather data to trigger insurance payouts when conditions exceed certain thresholds. Mr.

Ebelechukwu Nwachukwu, the Managing Director and CEO of Rex Insurance, emphasized the company's transformation to focus on assisting smallholder farmers in planning effectively. This partnership aims to make index-based insurance a reality for smallholder farmers in Nigeria.