Africa Re partners with NEMA to Champion Disaster Risk Financing and Insurance in Abuja Workshop
On a bright Wednesday morning in Abuja, something significant unfolded. Over seventy key stakeholders, including seasoned government officials, forward-thinking insurance experts, and dedicated development partners, gathered in one room. Their common goal: to fundamentally reshape Nigeria’s approach to disaster preparedness, mitigation, and response through strategic disaster financing and the active integration of insurance.
The issue couldn’t come at a more crucial time. Recent disasters, particularly flooding, have starkly highlighted Nigeria’s vulnerability. In October 2022 alone, floods swept across the nation, wreaking havoc totalling more than USD 9.6 billion in economic losses. These were no ordinary losses; farms were left submerged, homes destroyed, and over 1.3 million Nigerians forced to leave the familiarity of their communities. Fast-forward to the ensuing months, and we find that 2024 was similarly devastating; again, flooding severely affected more than 33 states, displacing an additional 700,000 people.
As the workshop commenced, a buzz of curiosity and urgency filled the air. Mr. Ken Aghoghovbia—Africa Re’s Deputy Managing Director and Chief Operating Officer—stood confidently before the audience, delivering a message both compelling and pragmatic. He insisted, “Disaster risk financing isn’t just a mere concept—it’s a national priority. At Africa Re, we recognize clearly that no single agency or group can tackle these challenges alone.” His voice paused briefly, allowing the gravity of his next words to sink in: “Real progress only ever comes from strong public-private collaboration; being prepared isn’t something nations should do mid-crisis. It must become a core ethos embedded within our systems.”
Consider this: Isn’t responding to a disaster, without proactive measures, akin to patching holes after water has already breached the levee? History continuously reminds us that preparation inherently holds greater value than reaction. Echoing this sentiment powerfully, Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, directly addressed the attendees. With authority tempered by humility, he confessed clearly that, “We cannot prevent natural disasters entirely. However, through coordinated planning and rigorous preparation, we undoubtedly can diminish their devastating impacts.”
In essence, the workshop wasn’t a mere technical formality. Expert presentations by trusted partners, like the National Insurance Commission (NAICOM) and the United Nations Development Programme (UNDP), complemented Africa Re’s core insights. Specialists dissected complex topics ranging from Nigeria’s precise disaster loss profile to innovative financing models and explored the layers of existing legal frameworks alongside public-private collaboration opportunities.
The interactive breakout sessions became the lifeblood of the event. Participants eagerly exchanged insights on topics as diverse as risk identification, capacity enhancement, institutional resilience, and strategies to boost national preparedness. Amidst spirited discussions, Isaac Magina from Africa Re made a particularly heartfelt intervention, asserting thoughtfully that, “Insurance must never be viewed merely as a financial product. Rather, insurance should be understood and adopted as a crucial strategic tool—an essential pillar in a broader culture of national preparedness.”
Undoubtedly, strategic risk financing was presented as the bridge between insufficient reactions and reliable, long-term resilience. Throughout the workshop, attention was drawn compellingly to regions such as Borno and Kogi States, which have previously suffered extensive damage due to outdated infrastructure and inadequate financial tools readily accessible to affected communities. Participants expressed unanimous agreement that quick recovery and long-term resilience hinged heavily upon better financial preparedness, particularly the proactive integration of robust insurance mechanisms.
Media visibility further amplified the critical nature of the event. Renowned national media outlets—including NTA, AIT, and Arise News—provided in-depth coverage, consequently raising public awareness about the importance of integrating insurance strategies within broader disaster risk management protocols. Their robust engagement was pivotal, elevating the discourse far beyond conference walls and sparking national conversations on the importance of disaster risk financing.
Reflecting deeply upon this workshop leaves one wondering, how much more effective could our responses to past disasters have been had we embraced such collaborative financial strategies sooner? Real-life scenarios can vividly capture hearts and imagination; consider farmers whose livelihoods vanished overnight beneath muddy waters or the despair felt by families unsure if their lost homes would ever be rebuilt. This makes strategic risk management and insurance not merely policy functions but deeply human responsibilities with real-life implications.
Africa Re reiterated its unwavering commitment toward supporting Nigeria’s ambitious journey toward disaster-readiness during the conference’s conclusion. The organization stands ready, delivering insightful technical expertise, innovative financial tools, and leveraging regional resources that enhance national resilience and safeguard human dignity amid adversity. Fundamentally, the organization believes Nigeria can become stronger, more resilient, and significantly better prepared for future shocks in collaboration with all relevant stakeholders.
In closing, one central truth echoed clearly through the conference hall that day: building a resilient Nigeria is not merely a governmental responsibility—it’s our collective responsibility. And hopefully, conversations like these signal crucial steps toward that vital objective. After all, isn’t it our shared hope and humanity to protect each other by preparing ourselves—and our nation—effectively for the unpredictable?
“If we are proactive today, we ensure a more resilient Nigeria tomorrow.”
Edited By Ali Musa
Axadle Times international–Monitoring.
