Deputy finance minister Doris Uzoka-Anite has called for improved regional collaboration among West African insurers to strengthen resilience against the growing economic risks posed by climate change.

Ms Uzoka-Anite, speaking at the opening of the 2025 West African Insurance Companies Association Education Conference in Lagos on Monday, urged insurers across the region to take the challenge seriously.

The minister said, “Climate risk is now a financial risk. It influences fiscal policy, national budgets, and the overall stability of our financial systems. No nation can confront this threat alone. The same storms that affect Nigeria affect Ghana, Sierra Leone, Liberia, and The Gambia. Our solutions, too, must be collective.

“We must treat climate change not only as an environmental challenge but also as a financial imperative. Africa loses billions annually to climate-related disasters. Traditional budgets can no longer cope. Through WAICA, we can develop regional risk-pooling and reinsurance platforms; exchange data and expertise on climate modelling and disaster forecasting; and build professional capacity for innovative, sustainable insurance products.”

She added, “Such cooperation will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises.”

She noted that floods, droughts, and coastal erosion across West Africa were destroying livelihoods and straining public finances, with each disaster imposing heavy fiscal burdens on governments.

Ms Uzoka-Anite restated that insurance must be treated as a core component of economic planning, serving as a mechanism to share and absorb shocks that governments alone could not bear.

Speaking on Nigeria’s domestic reforms, she highlighted the Nigerian Insurance Industry Reform Act (NIIRA 2025) as a bold step toward modernisation and resilience building.

On climate finance, Ms Uzoka-Anite disclosed that the federal government was advancing frameworks that combine sovereign risk insurance, regional disaster-risk pools, and public-private climate finance mechanisms. She explained that such measures were designed to ensure rapid response to disasters and maintain fiscal stability amid climate disruptions.

The minister reaffirmed the government’s commitment to strengthening the insurance industry through policy coordination, fiscal alignment, and international partnerships. 

(NAN)