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Nigeria’s Staggering N7 Trillion Loss To 2022 Floods- World Bank

Daud Olatunji

In a startling revelation, the World Bank has disclosed that Nigeria incurred a colossal loss of over N7 trillion as a consequence of the devastating floods that ravaged the country in 2022. 

The announcement was made by Nkem Joseph-Palmer, the Senior Disaster Risk Management Specialist at the World Bank, during an interactive meeting held in collaboration with the FCT Emergency Management Agency (FEMA).

Joseph-Palmer, addressing the gathering, highlighted the severity of the 2022 floods, which tragically claimed the lives of over 600 individuals and displaced a staggering 1.4 million Nigerians. 

He underscored the economic impact of the disaster, revealing that the financial loss accounted for approximately 41.4 percent of the country’s Gross Domestic Product (GDP).

During the meeting, Joseph-Palmer urged a reevaluation of the nation’s approach to disaster management, emphasizing the need for effective engagement at both the community and federal levels. 

He questioned the strategies in place and challenged participants to explore avenues for improvement in disaster response mechanisms.

The World Bank specialist portrayed the session as an assessment exercise aimed at enabling the World Bank to extend technical expertise and support to emergency responders in Nigeria. 

He particularly highlighted the significance of implementing a multi-hazard early warning system to mitigate the adverse effects of flooding.

In response, Mohammed Ibrahim Sabo, the Acting Director General of FEMA, stressed the importance of adopting proactive measures rather than reactive ones in dealing with flooding. 

Sabo emphasized the meeting’s role in facilitating a comprehensive review of the response plan implemented in 2022 to identify gaps and areas for improvement.

Acknowledging that a significant portion of flood disasters in the Federal Capital Territory (FCT) were human-induced, Sabo appealed to residents to heed early warnings issued by FEMA to minimize the impact of such disasters.

Justin Uwazuruonye, the Head of Operations at NEMA Abuja Office, outlined that the meeting served as a platform to scrutinize emergency preparedness, recovery, and response in 2022.

 The objective was to identify what transpired, assess response gaps, and formulate strategies for enhancement.

As part of the broader initiative, World Bank consultant Al Hassan Nuhu revealed plans to replicate the pilot exercise conducted during the meeting in the six geopolitical zones of the country.

 Representatives from Local Emergency Management Councils (LEMC) and community-based organizations actively participated in the survey, contributing valuable insights to the assessment process

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