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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!!!

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