• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Friday, August 8, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Agriculture

AfDB moves to insure farmers against effects of climate change

Farmers

The Matters Press by The Matters Press
September 10, 2023
Reading Time: 2 mins read
0
Egypt’s economic strides excite AfDB

Akinwunmi Adesina. AfDB's President

Abuja, Sept. 10, 2023: The African Development Bank(AfDB) has unveiled the Africa Climate Risk Insurance Facility for Adaptation (ACRIFA) to insulate countries against catastrophic weather-related events.

RELATED POSTS

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

National Single Window initiative, a major step for efficient cross-border trade – TMSG

‎Group celebrates 45% increase in federal revenue in just one month

The AfDB’s President, Dr Akinwumi Adesina, said this in a statement on the bank’s website.

Adesina spoke on the sidelines of the African Climate Summit in Nairobi, Kenya.

The facility, which will be hosted by the bank, expands its pioneering Africa Disaster Risk Insurance Program into a facility that will develop insurance to help African countries.

“Specifically, their agriculture sectors, prepare for, adapt and build resilience against adverse effects of climate change such as flooding and drought.

‘It will raise an initial one billion dollars of concessionary high-risk capital and grants to catalyse the development and uptake of insurance solutions.

“This will help countries, businesses and communities adapt to climate change,”he said.

According to the AfDB boss, the initiative is the bank’s effort to scale up support to insure countries and households against extreme weather patterns.

He said extreme weather patterns negatively impact the livelihoods of millions of farmers in Africa, majority of who are women.

According to him, one way of tackling this issue is to ensure farmers have access to crop and livestock insurance.

“The Africa Climate Risk Insurance Facility for Adaptation will extend credit insurance to investment portfolios related to climate, agri-food system and enterprise development.

“It will engage primary insurers across Africa to ensure business opportunities flow through them to continental and international re-insurers.

“In addition, it will support national governments to more efficiently manage climate disasters,” he said.

The Comoros President Azali Assoumani, Chair of the African Union, who spoke at the event described the initiative as a necessary innovation.

“Considering the frequency and impact of national disasters in African countries, ACRIFA has come at a time when African countries are facing enormous challenges affecting agriculture, such as floods and drought.

“It will help us to strengthen our adaptation and resilience capacities.

“Comoros is just 2,000 square kilometers. We cannot unlock our touristic potential when we face severe climate risks.

“And therefore the importance of this facility to Comoros, which continues to experience adverse realities of climate change,” he said.

Ibrahima Diong, the Director-General of the African Risk Capacity Group and United Nations Assistant Secretary-General, said ACRIFA would help to scale up what the African Risk Capacity Group is doing.

He said risk transfer is not just about premiums but also about what happens before the disaster strikes, hence the facility which would help to build data that feeds early warning systems in Africa.

He said ACRIFA would expand partnerships to carry out services to clients, such as the World Food Programme.

Martin Frick of the World Food Programme, expressed excitement about ACRIFA’s potential to expand insurance cover to farmers who need it.

Frick said, “The Facility will help to unlock private sector capital and we can inject trust in the market and unleash more capital than is currently provided in the market.”

Following a panel discussion about the facility’s potential, AfDB’s Vice President for Agriculture, Human and Social Development, Dr Beth Dunford, said it needs to move into action quickly.

“What we are talking about today, is not just about policies; the impact of a thriving climate insurance industry in Africa is about lives.

“It is about an Africa that doesn’t just survive in climate uncertainties but thrives in them,” she added.

Tags: Farmers
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Obi, PDP candidate advises Buhari to increase tempo
Economy/Technology

‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎

August 7, 2025
Importers face delays, higher costs on Red Sea woes
Economy/Technology

National Single Window initiative, a major step for efficient cross-border trade – TMSG

August 4, 2025
Chatham House stance on Nigeria’s economy, a non-biased assessment of  reforms
Economy/Technology

‎Group celebrates 45% increase in federal revenue in just one month

July 28, 2025
POLICY STATEMENT 027 BY THE INDEPENDENT MEDIA AND POLICY INITIATIVE (IMPI)
Economy/Technology

Alleged Wasteful Turn Around Maintenance (TAM) of Refineries: Setting the records straight

July 25, 2025
Dangote Fertilizer in gas supply deal
Economy/Technology

IMPI seeks forensic audit of refineries from 2000 to 2023 ‎ ‎

July 25, 2025
Nigeria’s Dangote refinery will cut Africa’s petrol import by 36%
Economy/Technology

‎ADC erred, APC administrations never spent $18bn on refineries-IMPI ‎

July 25, 2025
Next Post
Pension assets records N1.77trn increase in first half

Experts advise insurance, pension operators on innovative business approach

East Africa braces for pain at the pump as Riyadh cuts production

East Africa economies hit by fresh round of fuel price hikes

Recommended Stories

Nigeria to revamp steel sector to boost economy

Nigeria, Chinese firm in deal for steel plant

January 6, 2024
$27.3bn lost to salinity-induced soil degradation annually–SSSN

Farmers worry over high cost of fertiliser

August 21, 2022
Nigeria suspends mining in Zamfara

Lawal bans illegal mining in Zamfara, orders shoot at sight on violators

September 24, 2023

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • ‎Obi’s One-Term Proposal, a gambit to grab power at all costs -Group ‎
  • National Single Window initiative, a major step for efficient cross-border trade – TMSG
  • ‎Group celebrates 45% increase in federal revenue in just one month

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us