• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 7, 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

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

FCT ground rent!: Check your name if you own property

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

World Bank predicts 4% global economic growth, 1.1% for Nigeria in 2021
Economy/Technology

Nigeria’s 3MTT gets boost as EU, World Bank back initiative

June 6, 2025
Energy

PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF

June 4, 2025
Property owners besiege FCT office to pay ground rent
Economy/Technology

FCT ground rent!: Check your name if you own property

June 3, 2025
News

Cracking the Code with Africa’s Creators: Woof Studios Makes History at Cannes Lions 2025 CANNES,

June 3, 2025
Economic implications of Niger coup to Nigeria, ECOWAS
Economy/Technology

IMPI urges media to consider national interest in reporting security challenges

June 3, 2025
Tinubu steering Nigeria away from Venezuela-like tragedy – IMPI
News

Malami’s opposition to Tinubu’s endorsement self-indicting – TDF

June 3, 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

NSIA, Agency in deal on solar power

African energy stakeholders endorse solar energy certification

March 31, 2023
Nigeria to allocate $200m for creation of agricultural service centres

Women farmers seek more grants to boost food production

November 12, 2022
Nigeria showcases minerals to woo investors

Emir calls for investment in mineral resources

October 13, 2022

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

  • Nigeria’s 3MTT gets boost as EU, World Bank back initiative
  • PDP incubated insecurity in Nigeria, but Tinubu on top of the situation – TDF
  • FCT ground rent!: Check your name if you own property

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