BY NGOZI ONYEAKUSI

The Minister of State for Finance, Nigeria, Doris Uzoka-Anite,  has described insurance as indispensable tool in tackling climate change across African as a continent.

The minister stated this while delivering her keynote address
at the WAICA Lagos 2025 Education Conference with the
theme: “The West African Insurer in the Face of Climate Change” held in Eko Hotels and Suits, Lagos

According to her, across West Africa, floods, droughts, and coastal erosion were already destroying livelihoods, straining public finances, and threatening food security, adding that each disaster brings not only human tragedy but also heavy fiscal burdens.

 

Read her full text of address

 

Protocols
The Immediate Past Deputy Minister of Finance, Republic of Sierra Leone, Mr. Bockarie Kalokoh;
The Commissioner for Insurance, Nigeria, Mr. Olusegun Ayo Omosehin;
The Commissioner of Insurance, Ghana, Dr. Abiba Zakariah;
Distinguished Regulators, Industry Leaders, and Delegates from across West Africa —
Ladies and Gentlemen.

Introduction
It is a pleasure to welcome you all to Lagos — the heartbeat of Africa’s economy — for this year’s WAICA Education Conference. This gathering of insurance professionals, regulators, and policymakers comes at a defining moment as climate change increasingly shapes the destiny of our economies.
The theme, “The West African Insurer in the Face of Climate Change,” highlights a critical truth: climate risk is now a financial and developmental risk. For insurers and governments alike, it directly influences fiscal policy, national budgets, and the stability of our financial systems.

Climate Change as an Economic and Financial Risk
Across West Africa, floods, droughts, and coastal erosion are already destroying livelihoods, straining public finances, and threatening food security. Each disaster brings not only human tragedy but also heavy fiscal burdens.
This reality makes climate risk a macroeconomic concern requiring proactive financial planning. Insurance therefore becomes indispensable — a mechanism to share and absorb shocks that governments alone cannot shoulder.

Insurance and Nigeria’s Financial Strategy
The Federal Government recognizes insurance as a pillar of our financial architecture — alongside banking, capital markets, and pensions. The Nigerian Insurance Industry Reform Act (NIIRA 2025) represents a bold step toward modernization.
The Act strengthens the capital base of insurers, enhances consumer protection, expands compulsory insurance to critical sectors such as agriculture and infrastructure, and integrates insurance into public–private partnerships for climate resilience. Beyond reform, NIIRA 2025 signals Nigeria’s determination to build a credible, transparent, and inclusive insurance industry aligned with national economic diversification goals.

Climate Finance and Risk Management
We must treat climate change not only as an environmental challenge but also as a financial imperative. Africa already loses billions annually to climate-related disasters. Traditional budgets can no longer cope.
Hence, Nigeria is advancing frameworks that combine sovereign risk insurance, regional disaster-risk pools, and public–private climate-finance mechanisms to ensure rapid response and fiscal stability. These tools strengthen preparedness and prevent disruptions to essential development programmes.
Regional Cooperation through WAICA
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.
Through WAICA, we can:
1. Develop regional risk-pooling and reinsurance platforms;
2. Exchange data and expertise on climate modelling and disaster forecasting; and
3. Build professional capacity for innovative, sustainable insurance products.
Such cooperation will transform insurance from a business venture into a development enabler for agriculture, trade, and small enterprises.

Innovation and Inclusion
Insurance will achieve its true impact only when it reaches everyone — farmers, market women, artisans, and micro-entrepreneurs. We must promote micro-insurance, digital channels, and parametric products that pay out instantly based on verified data.
By doing so, we expand coverage, deepen financial inclusion, and strengthen resilience at the grassroots — which remains a priority of the Federal Ministry of Finance.

Government Commitment
The Federal Government remains steadfast in building a strong, competitive, and sustainable insurance sector. We are committed to:
• Ensuring effective coordination among ministries, regulators, and financial institutions;
• Aligning fiscal and insurance policies; and
• Forging global partnerships to enhance our climate-response capacity.
A resilient insurance sector underpins a resilient economy — one capable of absorbing shocks and sustaining growth.

Conclusion
As we deliberate at this conference, let us reaffirm our shared mission: to safeguard our people and economies against the uncertainty of climate change. The task before us is collective, but the opportunities are immense.
Through sound governance, strong regulation, and regional collaboration, we can make insurance a cornerstone of West Africa’s sustainable development story.
Thank you, and may God bless the Federal Republic of Nigeria and the entire West African insurance community.

Dr. Doris Uzoka-Anite, CFA
Minister of State for Finance, Federal Republic of Nigeria
October 13, 2025