Nigeria and ARC sign MoU on climate risk financing
African Risk Capacity will work on the impact of extreme weather events in Nigeria.
The Government of Nigeria has signed a Memorandum of Understanding with the African Risk Capacity to work together to address the impact of extreme weather events in Nigeria, including training support to Government personnel.
The signing ceremony, which happened on the margins of the Annual Meetings of the African Development Bank on Thursday in Busan, Korea, comes on the heels of the Bank President Akinwumi Adesina's pledge to support for the work of African Risk Capacity in the region, calling for more stakeholders to join the ARC to ensure the availability of insurance against natural disaster risks.
The Bank and ARC have partnership since March 2017 to strengthen technical collaboration towards enhancing the risk management infrastructure and policy across Africa and in supporting countries in building resilience against climate shocks.
Speaking on the signing of the MoU, Nigeria's Minister for Finance, Kemi Adeosun, congratulated the African Risk Capacity for the innovative approach it is taking towards climate risk financing and management in Africa.
The journey towards a mutual technical collaboration with Nigeria began in July 2015 when the ARC team undertook a scoping mission, which established the need for Nigeria to give greater consideration to the ARC initiative.