The Minister of State for Finance, Dr. Doris Uzoka-Anite, has urged insurers across West Africa to strengthen regional cooperation to effectively tackle the economic risks brought on by climate change.
Speaking at the opening ceremony of the 2025 West African Insurance Companies Association (WAICA) Education Conference held in Lagos on Monday, Uzoka-Anite, represented by Dr. Ali Mohammed, Director of the Home Finance Department, Ministry of Finance, said the event’s theme, “The West African Insurer in the Face of Climate Change,” highlights the pressing need for a unified response to climate-induced financial challenges.
She stressed that climate change has evolved beyond being merely an environmental concern, now posing significant fiscal and developmental threats to the sub-region.
“Climate risk has become a financial risk, affecting national budgets, fiscal policies, and the stability of our economies,” she stated. “No country can confront this crisis alone. The same storms that hit Nigeria affect Ghana, Sierra Leone, Liberia, and The Gambia — hence, our solutions must also be collective.”
Uzoka-Anite called for regional partnerships through WAICA to develop climate-risk pooling and reinsurance platforms, share data and expertise on climate modeling, and design innovative insurance solutions that promote sustainable development across critical sectors such as agriculture and trade.
She pointed out that recurring floods, droughts, and coastal erosion continue to devastate livelihoods and strain public finances, emphasizing that insurance should be viewed as a strategic tool for economic stability rather than just a commercial venture.
Highlighting Nigeria’s domestic reforms, the minister mentioned the Nigerian Insurance Industry Reform Act (NIIRA 2025) as a significant step toward modernizing the sector and boosting resilience against emerging global challenges.
She also disclosed that the Federal Government was developing climate finance mechanisms that integrate sovereign risk insurance, regional disaster-risk pools, and public–private partnerships to ensure swift response to disasters and maintain economic stability.
Reiterating the government’s commitment, Uzoka-Anite said Nigeria remains dedicated to advancing the insurance industry through coherent policy frameworks, fiscal coordination, and global cooperation to safeguard the region’s economic future.