A roadmap for evidence-based insurance development for Nigeria's farmers
Reviews of index-based agricultural insurance initiatives have identified several success factors that are relevant to the situation in Nigeria. First, successful initiatives have been designed to unlock particular opportunities for farmers that were previously constrained by particular risks. Second, initiatives are most successful when they are driven by demand and responsive to farmer input. Third, successful initiatives have invested in the capacity of a range of local stakeholders. Fourth, investments in data systems, and in science-based index development, have helped address the challenges of data poverty and basis risk. Fifth, successful index insurance requires an enabling regulatory environment. Finally, successful initiatives involve multi-stakeholder partnerships, and often public-private partnerships.