Nigeria has signed a Memorandum of Understanding (MoU) with the African Risk Capacity (ARC) to address the impact of extreme weather events.
The ceremony, took place on the sideline of the Annual Meetings of the African Development Bank (AfDB) on Thursday in Busan, South Korea.
The MOU which also include training support to government personnel was in response to the bank’s President, Akinwumi Adesina’s pledge to support the ARC in the region.
Adesina called for more stakeholders to join the ARC, to ensure the availability of insurance against natural disaster risks.
The Bank and ARC have partnership since March 2017 to strengthen technical collaboration towards enhancing the risk management infrastructure and policy across Africa and to support countries in building resilience against climate shocks.
The Minister of Finance, Mrs Kemi Adeosun who signed for Nigeria, congratulated the ARC for its innovative approach to climate risk financing and management in Africa.
She assured that Nigeria would work with the agency to address the impact of extreme weather events in the country.
The journey towards the technical collaboration 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 Chairperson of the Agency’s Governing Board.
Nigeria subsequently signed the ARC Establishment Agreement on December 4, 2014, and formally became a member of the institution.
ARC was established as a specialized agency of the African Union (AU) to help member states improve their capacities to better plan, prepare and respond to extreme weather events and natural disasters.
Mr Mohamed Beavogui, the Director-General of ARC, expressed appreciation to the government for signing the MoU, noting that, “the leadership role of Nigeria on the continent and in the establishment of the ARC made the MoU momentous 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.”
Nigeria had announced the extension of its agreement with the AfDB on the Nigeria Trust Fund for additional 10 years to assist the development efforts of low-income regional member countries.
