Imminent call has been made by the Nigerian Government that Africa nation shift its response to climate disasters from traditional budgets which can no longer cope to advancing frameworks as Nigeria is now focused on that combine sovereign risk insurance, regional disaster-risk pools, and public-private climate-finance mechanisms to ensure rapid response and fiscal stability.
Minister of State for Finance, Dr. Doris Uzoka-Anite, made this known in the keynote address she presented at WAICA Lagos 2025 Education Conference held at Eko Hotels and Suites. She bemoaned Africa’ loses in billions of Dollars billions annually to climate-related disasters and said it was time to adopt a sustainable approach. “We must treat climate change not only as an environmental challenge but also as a financial imperative.
Affirming that no nation stands alone on the climate disasters Uzoka-Anite said, “No nation can confront this threat alone. The same storms that affect Nigeria affect Ghana, Sierra Leone, Liberia, and The Gambia. Our solutions, too, must be collective.”
Pointing to WAICA as a solution provider she said, “Through WAICA, we can:
.Develop regional risk-pooling and reinsurance platforms;
.Exchange data and expertise on climate modelling and disaster forecasting; and
.Building professional capacity for innovative, sustainable insurance products.” She cleared that “Such cooperation will transform insurance insurance from a business venture into a development enabler for agriculture, trade, and small enterprises.”
In his remarks at same event, the Commissioner for Insurance, National Insurance Commission, Olusegun Omosehin, reiterated that strengthening climate resilience across West Africa demands a unified approach – one that blends sounds regulation, market innovation, and strategic partnerships.
On the home front, he said, “As a regulator, the National Insurance Commission, is Committed to enabling policies that foster collaboration between operators, regulators, and development partners.”
As a take home foe the subregional attendees Omosehin said, “Let this conference mark a turning point – where insurance becomes central to our climate response and driver of inclusive, sustainable development.”
