Skip to main content

PRE AND POST DISASTER, NiGERIA



PRE AND POST DISASTER, NiGERIA

A disaster refers to a catastrophe, mishap, calamity or grave occurrence from natural or man-made causes, which is beyond the coping capacity of the affected community. (NPDM)

The pre-disaster stage includes prevention, mitigation and preparedness, while the post-disaster stage includes response, rehabilitation, reconstruction and recovery

In order to be able to tackle the great challenges posse by climate changes there exist two financial mechanisms to cater for disaster. Pre-disaster and post disaster financial mechanisms.

Pre disaster financial mechanism involves insurance schemes, catastrophe bonds, contingent credit, international aids, voluntary mutual arrangement, etc. This financial mechanism can be use and solicit in catering for disasters of any kind.

Due to building a resilient city, there arises increase in cost of building a low carbon emission city to reduce the effect of climate change, and in doing this financial capacity is needed by the various cities to bring this to realization.

For some while now, Nigeria has been receiving support in helping her planning for disaster before it ever occur from international support such as loan, grant, and credits. Insurance financial mechanism is another source that Nigeria use in dealing/prepare for any analyzed hazard to cater for it occurrence.
Catastrophe bonds are a high yield risk debt instrument which is insurance linked and meant to generate money in the case of hazard. This instrument has found it way in Nigeria to plan effectively for any damages and prevent the impact of climate change on the city and the economy.
Contingent credit is another form of financial instrument that is employed by Nigeria to address the issue of pre-disaster in her cities. 

Also, reserve fund is a way the government during the budget period reserved some specific amount of money for a particular or tied to a major cause/event/disasters. This is done to ensure that there is provision already to solve any challenges that might arise in the future. Reserve fund is another cogent financial instrument used by Nigeria to cater for it vulnerability.

Every year there are loose of lives, properties, displace of home, turned poor people to poorer people, loose of agricultural production, decline in economic activities and reduction in revenue and income. This repeating year tragedy has set Nigeria on motion to devise a pre-disaster technique to prevent this from happening and reduce the impact by accessing fund through the listed pre-disaster financial mechanism above.

Financing the pre-disaster operation is very important and limits the impact of hazard on the city, therefore, pre-disaster financial instrument is needed by most developing nation to help planning and put the necessary tools in place before disaster strikes.

Cheers!!!

Comments

Post a Comment

Popular posts from this blog

Day One report of the Ecommerce Week

Day one of the eCommerce week, Nairobi The eCommerce week started with a high level meeting that has the representation of UNCTAD Secretary General, UNON, international organization, Private sector, Business, Academia and Civil Society. On the front burners were the issues of cross border trade between the African countries and the international market, mobile payment, mobile connectivity, accessibility, taxes, awareness, trust, capacity building, cost of devices and data. It was noted that business model must evolve as the digital space evolved. Ideation must come with sustainable business models to get the needed support. Women should not be given access, but must be part of access processes. Civil society must intensify their efforts and pressure to ensure implementation of strategic digital policy implementation by the necessary stakeholders. Africa must come together to build a unique single eCommerce market that competes with that of the international market. As reg...
Post a Comment
Read more

IGF Participation Made Easy

The IGF 2016 Newcomers Track  aims to help participants attending the IGF annual meeting for the first time, to understanding the IGF processes and to foster the integration of all new-coming stakeholders into the IGF community.  Its focus is to make the meeting participant's first IGF experience as productive and welcoming as possible.  Activities What is the IGF?  Webinar Prior to the annual meeting, one webinar will be organized. The webinar will reflect the core IGF work processes, with focusing on the 2016 intersessional activities and the overall programme. This will help in understanding what should be your expectations from the annual meeting in Mexico. Newcomers Mentor Session During Day 0, on  5 December  from  12:00 to 13:30 pm , there will be a 90-minutes long session, where the key IGF stakeholders will be speaking about the history of the IGF, its processes and community engagement. Most of the time will...
Post a Comment
Read more

Local Resilience Action Plan

                                                                                                                                                                Local Resilience Action Plan Bridging the...
Post a Comment
Read more