BY OLAPEJU OLUBI
The Nigerian Meteorological Agency (NiMet) has signed a Memorandum of Understanding with REX Insurance Limited to roll out weather index insurance products aimed at protecting Nigerian farmers from climate-related losses.
The partnership is designed to cushion the impact of unpredictable weather events such as droughts and floods, while strengthening the resilience and sustainability of the country’s agricultural sector.
Speaking at the signing ceremony, NiMet’s Director General and Chief ExecutiveOfficer, Charles Anosike, traced the agency’s legacy of meteorological service delivery, noting that it boasts “over 100 years of weather observation in Nigeria.”
He warned that agriculture is becoming increasingly exposed to climate change risks, with far-reaching consequences for crops, livestock, soil health, water resources, and rural livelihoods.
Anosike explained that the initiative is anchored on a weather index agricultural insurance model, where payouts are triggered by measurable weather data once certain thresholds are exceeded.
He added that the scheme will be reinforced by crop calendar forecasting, an approach that uses climate data to determine optimal planting and harvesting periods.
According to him, the integration of these tools will provide farmers with timely, data-driven insights, enabling smarter decision-making and improved productivity.
Providing further perspective, the Managing Director and CEO of REX Insurance, Ebelechukwu Nwachukwu, highlighted the company’s evolution and renewed focus on innovation.
She noted that the firm, originally established in 1918 as Royal Exchange Insurance, Nigeria’s first insurance company, has repositioned itself through technology-driven solutions, particularly in the agricultural space.
Nwachukwu stressed that the company’s transformation is geared toward empowering smallholder farmers with better planning tools and financial protection. She disclosed that, through the collaboration with NiMet, “index-based insurance for smallholder farmers will soon become a reality in Nigeria.”
In his closing remarks, Anosike reiterated the critical role of insurance in managing climate risks amid increasingly volatile weather patterns.
He emphasized that effective risk mitigation depends heavily on access to accurate and reliable climate information.
He also reaffirmed NiMet’s commitment to the partnership, expressing confidence that the collaboration with REX Insurance will deliver tangible benefits to farmers and strengthen the resilience of Nigeria’s agricultural sector.
Olapeju is a journalist and aviation reporter.
