“Nigeria Accounts for $1.1 Billion as Africa Loses $12.7 Billion Annually to Disasters”

Date:

Africa faces an average annual loss of $12.7 billion in infrastructure due to natural disasters, according to a report released Monday by the Coalition for Disaster Resilient Infrastructure (CDRI), a coalition of UN agencies, development banks, private companies, and academic institutions.

The report highlights that floods are the leading cause of damage, responsible for roughly 70% of infrastructure losses, followed by earthquakes at about 28%. While less frequent, earthquakes tend to be far more destructive when they occur. Climate change is expected to exacerbate these losses, potentially increasing annual damages by 27%, equivalent to an additional $2.4 billion per year.

Regional and Country Impacts

Disaster-related infrastructure losses vary across the continent. Eastern Africa bears the largest burden, with $5.5 billion in average annual damage, followed by northern Africa ($2.3 billion), southern Africa ($2.3 billion), and western Africa ($1.58 billion).

At the country level, South Africa experiences the highest losses ($1.7 billion), followed closely by Nigeria ($1.1 billion) and Algeria ($1 billion). Smaller nations report lower absolute losses, but the impact is proportionally more significant relative to their economies. For example, annual disaster losses account for 1.5% of Lesotho’s GDP, 1.25% for Mauritius, and 1% for Comoros.

Implications for Nigeria

Nigeria’s $1.1 billion annual infrastructure loss underscores the urgent need for investment in disaster-resilient infrastructure. As one of Africa’s most populous nations, Nigeria is particularly vulnerable to climate-related disasters, with floods and occasional earthquakes threatening both urban and rural infrastructure. The report urges governments and private stakeholders to enhance preparedness and strengthen resilience measures, including improved urban planning, climate-adaptive construction, and early warning systems.

Moving Forward

The CDRI report signals a critical need for regional cooperation and targeted investments to reduce the economic toll of disasters. For Nigeria, strategic policies to protect infrastructure could mitigate significant economic losses, safeguard lives, and enhance the country’s capacity to adapt to climate change.

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Reporting by Peter Anene, Business Editor in Lagos, Nigeria.

Peter Anene, Business Editor
Peter Anene, Business Editorhttp://Naija247news.com
Peter Okafor is a seasoned financial journalist and editor at Naija247news, known for his insightful coverage of markets, economic policy, and corporate trends. With a background in journalism and finance, he brings clarity to complex financial narratives and contributes to shaping the outlet’s editorial direction. His award-winning work promotes financial literacy and informs national discourse on the economy.

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