Doris Uzoka-Anite, Nigeria’s Minister of State for Finance, has called for stronger regional collaboration among West African insurance companies to tackle the escalating economic threats posed by climate change.
Speaking at the 2025 West African Insurance Companies Association (WAICA) Education Conference in Lagos, she emphasized the need for collective action to bolster resilience across the region.
Climate Change as a Financial Challenge
Represented by Ali Mohammed, Director of the Home Finance Department, Uzoka-Anite highlighted the conference theme,
“The West African Insurer Facing Climate Change.” She described climate change as not only an environmental issue but also a significant financial and developmental concern.
“Climate risks now translate into financial risks, impacting national budgets and economic stability,” she said. “No single country can address this alone, storms hitting Nigeria also affect Ghana, Sierra Leone, and beyond. Our response must be unified.”
Regional Cooperation for Resilience
The minister urged WAICA members to develop shared solutions, such as regional risk-pooling and reinsurance platforms.
She advocated for exchanging data and expertise in climate modeling and disaster forecasting to enhance preparedness.
Additionally, she stressed the importance of building capacity for innovative insurance products that support sustainable development in agriculture, trade, and small businesses. “Collaboration can transform insurance into a tool for economic growth,” she noted.
Economic Toll of Climate Disasters
Uzoka-Anite pointed out that floods, droughts, and coastal erosion are devastating livelihoods and straining public finances across West Africa.
These disasters place significant burdens on governments, making traditional budgeting inadequate.
She positioned insurance as a vital component of economic planning, capable of absorbing shocks that public funds alone cannot handle.
By sharing risks, insurers can help stabilize economies during climate-related crises.
Nigeria’s Insurance Reforms
Highlighting domestic efforts, Uzoka-Anite discussed the Nigerian Insurance Industry Reform Act 2025, which aims to modernize the sector and enhance its resilience.
She also outlined Nigeria’s push for climate finance frameworks, including sovereign risk insurance and public-private partnerships.
These measures are designed to ensure swift disaster response and maintain fiscal stability amid environmental disruptions.
A Call for Action
The minister reaffirmed the Nigerian government’s commitment to strengthening the insurance industry through policy alignment and international partnerships.
By fostering regional cooperation, West African insurers can play a pivotal role in mitigating climate risks and supporting economic development.
Uzoka-Anite’s address underscored the urgency of adapting insurance practices to address the region’s shared challenges, paving the way for a more resilient future.
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