This country highlight showcases how the Global Inclusive Insurance Facility (GIIF) has supported the development of Nigeria's agricultural insurance market since the early 2010s. Working closely with Africa Re, the National Insurance Commission (NAICOM), and local insurers, GIIF has helped build the technical foundations for index-based insurance in Africa's most populous nation.

Key achievements include designing and launching Nigeria's first area yield index insurance program, delivering market-wide risk modeling training that enabled NAICOM to license additional insurers, supporting the bundling of weather insurance with agricultural credit through NIRSAL and agtech partners, and piloting innovative products, including index-based livestock insurance and animal encroachment insurance, targeting climate-conflict dynamics in northern Nigeria.

By June 2024, approximately 2 million cumulative insurance contracts had been issued, primarily benefiting smallholder farmers and pastoralists. GIIF's support has helped build a more competitive, digitally enabled, and regulation-backed insurance market.

This highlight also reflects on lessons learned from Nigeria's experience, offering valuable insights into scaling agricultural insurance in large, complex, and diverse emerging markets.

📥 Read the full Nigeria Country Highlights to learn more.