Minister of State for Finance, Dr. Doris Uzoka-Anite, has called on the insurance sector to take a leading role in addressing the economic impact of climate change, warning that African economies lose billions of dollars annually to climate-related disasters.
Speaking at the ongoing West African Insurance Companies Association (WAICA) Educational Conference in Lagos, Uzoka-Anite, represented by Dr. Ali Mohammed, Director of Home Finance at the Federal Ministry of Finance, stressed that climate change should be treated as a financial emergency rather than merely an environmental issue. She said, “Traditional budgets can no longer cope. We must treat climate change as a financial imperative. 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.”
Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, also urged insurers and reinsurers across West Africa to innovate boldly, leverage climate data and technology, and expand microinsurance coverage to reach the informal sector.
Dr. Uzoka-Anite highlighted the Nigerian Insurance Industry Reform Act (NIIRA 2025) as a key step in modernizing the sector. The law strengthens the capital base of operators, enhances consumer protection, and broadens compulsory insurance to critical sectors, including agriculture, infrastructure, and environmental risk management.
