Abuja: The Tinubu Media Support Group (TMSG) has announced that the Federal Government’s newly introduced flood insurance policy is a strategic move aimed at reducing economic losses caused by flood disasters.
According to News Agency of Nigeria, the Federal Government unveiled the National Flood Insurance Policy in June as a proactive effort to address the increasing vulnerability to flood disasters in Nigeria. The TMSG, in a joint statement signed by its Chairman, Mr. Emeka Nwankpa, and Secretary, Mr. Dapo Okubanjo, labeled the initiative as both timely and strategic.
The group outlined the significance of the insurance policy as a vital support system for flood victims nationwide. They emphasized that the initiative arrives at a critical moment, especially as the country continues to deal with the aftermath of recent flash floods. A notable incident in Mokwa, Niger State, resulted in the loss of at least 200 lives and the destruction of properties valued at millions of naira.
The Mokwa flood has since become a focal point for stakeholders who gathered in Abuja to discuss the framework for implementing the policy. TMSG called on these stakeholders to expedite the implementation process and finalize the policy’s framework.
Highlighting the urgency of the situation, TMSG noted that approximately five million individuals in Nigeria were affected by floods in 2024, according to statistics from the National Emergency Management Agency (NEMA). They pointed out that while flood insurance is a common practice worldwide, it remains relatively new in Africa. The group cited the United States as an example, where a similar policy has been in place since the 1960s and has significantly helped flood victims recover.
By establishing this policy in Nigeria, the administration of President Bola Tinubu aims to create a safety net for individuals and businesses affected by flooding, facilitating a quicker recovery process. TMSG stressed the importance of promptly implementing the policy to protect national interests.