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LAGOS – The federal government has tasked Nigerians to embrace insurance as a tool to derisking climate related risks in Nigerians and others across West African region.
Doris Uzoka-Anite, the Minister of State for Finance, made the remark at the West African Insurance Companies Association’s (WAICA) education conference held in Lagos this week.
Uzoka-Anite, who was represented by Dr. Ali Mohammed, the Director of Home Finance at the Ministry of Finance, noted that climate risk is now both a financial and developmental risk.
Themed: “The West African Insurer in the Face of Climate Change” the three-day WAICA 2025 Education Conference brought together insurance leaders, regulators, and policymakers from Nigeria, Ghana, Sierra Leone, Liberia, and The Gambia to discuss how the insurance industry can strengthen its role in addressing the impact of climate change across West Africa. The theme of the conference is ‘The West African Insurer in the Face of Climate Change’.
“Across West Africa, floods, droughts, and coastal erosion have already destroyed livelihoods, strained public finances, and threatened food security. Each disaster brings not only human tragedy but also heavy fiscal burdens. This reality makes climate risk a macroeconomic concern requiring proactive financial planning. Insurance, therefore, becomes an indispensable mechanism to share and absorb shocks that governments alone cannot cope with.
“We must treat climate change not only as an environmental challenge but also as a financial imperative. Africa already loses billions annually to climate-related disasters. Traditional budgets can no longer cope with these losses. Hence, Nigeria is advancing frameworks that combine sovereign risk insurance, regional disaster risk pools, and public-private climate finance mechanisms to ensure rapid response and fiscal stability. These tools strengthen preparedness and prevent disruptions to economic growth.”
She called for collaboration along the West African coast and suggested that WAICA can play key roles through three pillars: Develop regional risk-pooling and reinsurance platforms. Extend data and expertise on climate modelling and disaster forecasting, and build professional capacity for innovative, sustainable insurance products. Such cooperation will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises,” the honourable minister stated.
The minister further highlighted that insurance will achieve its true impact only when it reaches everyone.
