On April 10, 2025, leaders from Nigeria’s public and private sectors, development organizations, and the insurance industry gathered in Abuja for a groundbreaking workshop focused on Disaster Risk Financing and Insurance (DRFI).

The event, co-hosted by the National Emergency Management Agency (NEMA) and the African Reinsurance Corporation (Africa Re), underscored a growing urgency: Nigeria must be financially ready to manage disasters before they occur.

Held at the Transcorp Hilton, the one-day workshop explored new strategies for risk pooling, financial planning, and insurance integration into disaster preparedness frameworks.

It opened with remarks by Mr. KEN Aghoghovbia, Deputy Managing Director/Chief Operating Officer of Africa Re, who called for stronger inter-agency and public-private coordination:
“It’s time we stop seeing disasters as surprises. We have the data, the tools, and the expertise. Now, we must act in unity to protect lives and livelihoods.”

Representing NEMA’s Director General, Mr. Idris Mohammed gave a compelling account of Nigeria’s disaster losses in 2024—floods alone displaced more than 740,000 people across 34 states.
“We can’t keep stretching thin responses across repeated crises. It’s time to anchor our preparedness in solid financial structures,” he said.

The workshop drew support from NAICOM’s Commissioner for Insurance, Mr. Olusegun Ayo Omosehin, who highlighted insurance’s role in cushioning the economic blow of disasters and called for DRFI strategies to be reflected in both state and federal development policies.

UNDP’s Henry Akwitti emphasized that proactive investment is smarter than reactive spending.
“When disaster strikes, you don’t want to be scrambling for solutions. You want to activate systems that are already in place,” he said.

Gallagher Re’s Ms. Dorra Barraies presented on public-private partnerships and catastrophe insurance schemes, pointing to practical pathways Nigeria can adopt. Participants also explored legal frameworks, hazard-specific needs, and technical capacity in breakout sessions, generating actionable insights for future policy design.

The workshop concluded with a Q&A session and closing reflections by Africa Re and NEMA. All attendees echoed one message: collaboration is non-negotiable if Nigeria aims to build a sustainable and resilient disaster response system.

For more information, visit www.africa-re.com