The Federal Government of Nigeria has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) to work in harmony in addressing the impact of extreme weather events in Nigeria, including training Government personnel.
The Finance Minister, Kemi Adeosun inked her signature alongside the Director-General of African Risk Capacity, Mohamed Beavogui to seal the watershed historic signing that will tame the persisting issues of droughts and other climate disasters in the country.
The signing which took place on the sidelines of the ongoing 53rd Annual General Meetings of the African Development Bank in Busan, South Korea, On Thursday, May 24, further projects the Bank’s undeterred commitment to support the work of African Risk Capacity in the region while reaching out to stakeholders to join the ARC to ensure the availability of insurance against natural disaster risks.
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.
Adeosun assured that Nigeria will work with the Agency to address the impact of extreme weather events in the country.
While the Director-General of ARC, Mohamed Beavogui, expressed appreciation to the Nigerian Government for signing the MoU noting that, “the leadership role of Nigeria in the continent and in the establishment of the ARC makes the signing of a formal MoU quite momentous for our work in the region.
“We want to create systems that can truly protect the livelihoods of the most vulnerable and safeguard the significant development gains made by the country over the years,” Beavogui said.
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.
Nigeria was a founding member of ARC, participating in the establishment discussions and the nomination of former Minister, Ngozi Okonjo-Iweala as the Chair of the Agency’s Governing Board.
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