IFC Earmarks $970,000 For Nigeria’s Agric Insurance 

The International Finance Corporation (IFC) has earmarked $970,000 for the development of agriculture insurance in Nigeria.
IFC in a document on its project information and data portal stated that an estimated total budget of $970,000 was earmarked for all project-funded activities.
According to the corporation, the financial commitment was hinged on its new Africa Inclusive Insurance Programme, which will run up to June 2025 and will engage insurance sector clients in 14 countries across the continent to strengthen the resilience of over five million small holder farmers and MSMEs to climate-related and other shocks.
On the project description, IFC, a member of the World Bank Group, stated that the project builds on lessons learnt from past IFC projects  and information gathered from a wide range of insurance stakeholders in Nigeria to define interventions that would ramp up the outreach of inclusive insurance.
IFC noted that it has access to experienced technical staff and consultants who have the capacity to successfully deliver project activities, adding that activities will be organised around three main components.
The first component is the development of inclusive insurance products and capacity building.
Under this component, it will provide advisory services for the development of new climate insurance products and risk analytics; the enhancement of existing products; the strengthening of insurers’ business development and underwriting capacity and the enhancement of the regulator’s supervisory capacity.
The second component involved the development and promotion of strategic partnerships and and digital solutions. The overall objective of this component is to establish more diverse, efficient and sustainable insurance product distribution channels and insurance processes.
The third component included knowledge management and visibility. Under this component, it will focus on knowledge management which will cut across the other components of the programme.
Knowledge management activities will include producing online and other publications on lessons learnt, thought leadership on best practice in climate insurance, research on emerging technologies, social media messages, and impact stories.