Minister of State for Finance, Dr. Doris Uzoka-Anite, has called on the insurance industry to take a central role in mitigating the economic impact of climate change, warning that African economies are losing billions of dollars annually to climate-related disasters.
This is just as the Commissioner for Insurance, Mr. Olusegun Ayo Omosehin urged insurers and reinsurers across West Africa to innovate boldly, invest in climate data and technology, and expand microinsurance to reach the informal sector.
Speaking at the West African Insurance Companies Association (WAICA) Educational Conference ongoing in Lagos, yesterday, Uzoka-Anite who was represented by Dr Ali Mohammed, Director Home Finance, Federal Ministry of Finance said climate change should no longer be treated as merely an environmental concern but as a financial emergency threatening national budgets and economic stability.
She said: “Traditional budgets can no longer cope. We must treat climate change as a financial imperative. That is why Nigeria is advancing frameworks that combine sovereign risk insurance, regional disaster-risk pools, and public–private climate-finance mechanisms to ensure fiscal stability and rapid response.”
The minister explained that the Nigerian Insurance Industry Reform Act (NIIRA 2025) is a major step toward modernizing the sector and aligning it with the country’s economic diversification goals.
According to her, the new law strengthens the capital base of operators, enhances consumer protection, and expands compulsory insurance coverage to critical sectors such as agriculture, infrastructure, and environmental risk management.