IFC, Africa Re partner to enhance farmers’ access to insurance vanguardngr.com vanguardnews
L-R: Commissioner for Minerals, Oil and Gas, Hon. Joseph Ugheoke; Edo State Acting, Rt. Hon.
The Index-based agricultural insurance pays out claims based on transparent parameters like rainfall and does not require costly field visits to verify losses, which is an innovative and efficient way for farmers to protect themselves against losses. IFC Country Manager for Nigeria, Eme Essien, said, “IFC’s support for affordable and accessible agricultural insurance will help Nigeria’s farmers mitigate the effects of climate-related shocks, protecting them against catastrophic losses and unlocking access to finance. Developing a sustainable agricultural insurance industry also requires a strong commitment from regulators, such as the National Insurance Commission, NAICOM, who embrace innovation to help farmers manage their risks.
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