By Joshua Odeyemi
The federal government is presently considering the possibilities of keying into the African Risk Capacity (ARC)’s insurance policies to mitigate against disasters such as flood and drought in the country .
The Director General of National Emergency Management Agency (MEMA) Muhammad Sani-Sidi said at a multi-stakeholders workshop within the week in Abuja that it was important for Nigeria to kick start its disaster risk financing, insurance policy and strategy for weather phenomenon such as drought and flood.
“Africa Risk Capacity is aiming to reach a total of 30 countries with corresponding insurance coverage of USD 1.5 to 2 billion by 2020 for drought, river flood and cyclones. These coverage will indirectly be of benefit to over 150 million persons of which Nigeria is expected to be beneficiary,” he said.
Represented by Mr kayode Fagbemi, Director, Relief and Rehabilitation, NEMA, Sani-Sidi said the 2012 flood incident is a yardstick for measuring the magnitude of looses incurred by farmers and fishermen, among others.
The Director-General urged insurance companies to rise up to the challenges of advocating for insurance covers on farmlands houses and critical infrastructures, as it is practically impossible for the government to compensate everyone.
Also speaking, the Permanent Secretary, Federal Ministry of Finance, Dr Mamud Isah-Dutse, said Disaster risk financing is one of the key components of disaster preparedness and response.
Represented by Mr Dele Akinrolabu, Deputy Director, International Economic Relations, in the Ministry, he said Nigeria is increasingly becoming exposed to some of these natural disasters that ARC is designed to address.
He urged participants of the workshop to engage in productive discussions on how best Nigeria can under the ARC framework optimally minimise loses occasioned by these disasters.
On it’s part, the ARC had earlier urged the Nigerian Government to key into its comprehensive insurance policy to enhance better response plans and assistance in events of disaster.
Director General of ARC Mohammed Beavogui who was represented by ARCs Director on Policy and Technical Services, Ms Ekhosuehi Iyahen at the workshop said ARC is a special agency of the AU that was set up to assist Member States to better manage, prepare and respond to disasters on the continent.
According to him, ARC provides governments with access to immediate funds for early and planned responses to natural disasters taking into cognisance four critical elements; early warning, contingency, planning, insurance and adaptation finance.
He said ARC takes the burden of flood, drought and associated risk away from governments, enabling them to build resilience, better plan, prepare and respond to extreme disaster occurrence.
Beavogui said the workshop was aimed at initiating the programme in Nigeria and sensitising stakeholders, and how the programme can be rolled out in the country.
Daily Trust
