Index Insurance Forum

Nigeria to Provide Insurance Coverage for 3.8m Farmers

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The Government of Nigeria is working to increase insurance coverage for Nigerian agricultural primary producers from 500,000 to 3.8 million through the recently introduced index-based agricultural insurance, New Stage reports. The Nigeria Incentive-Based Risk Sharing System for Agricultural Lending (NIRSAL) is collaborating with the Royal Exchange Assurance, the Nigerian Meteorological Agency (NIMET), and Cellulant to develop of a technology-driven hybrid index insurance product that will include the area yield index, weather index, and price index insurance.