RateCaptain
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
Subscribe
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates
No Result
View All Result
RateCaptain
No Result
View All Result
Home Economy

Nigeria Counts $7 Billion Loss and Over 600 Lives from 2022 Floods.

Stephen Akudike by Stephen Akudike
September 12, 2023
in Economy
Reading Time: 2 mins read
A A
0
Nigeria Counts $7 Billion Loss and Over 600 Lives from 2022 Floods.
Share on FacebookShare on TwitterShare on WhatsappShare on Telegram

Nigerian Federal Government has officially declared that the direct economic damage inflicted by the catastrophic floods in 2022 stands at a staggering $7 billion. Additionally, the government reported a heart-wrenching toll of over 600 lives lost due to the disaster. This dire situation has been labeled as the most severe manifestation of climate change in Nigeria to date.

The revelation was made by Vice President Kashim Shettima during a significant event hosted by the United Nations Framework Convention on Climate Change in Abuja. Represented by his Deputy Chief of Staff, Ibrahim Hassan, Vice President Shettima emphasized the devastating impact of the floods, which led to widespread damage and loss.

AlsoRead

Depot Petrol Prices Drop Below Dangote’s ₦1,300 as Marketers Compete for Buyers

Tinubu Defends $21.7 Billion Borrowing Push, Ties Loans to $1 Trillion Economy Goal

Petrol Depot Prices Hit ₦1,349 as Dangote Holds Ex-Gantry Rate at ₦1,210

Vice President Shettima highlighted, “We are all living witnesses to the ravaging floods of last year (2022), which held the country to a standstill for days. The World Bank’s Global Rapid post-disaster damage estimation assessment put the total direct economic damage to infrastructure to be about $7 billion. This is equivalent to 1.6 per cent of Nigeria’s estimated 2021 Gross Domestic Product, not including the loss of over 600 lives. For Nigeria, that was climate change at its worst.”

In his address, Vice President Shettima underscored the gravity of climate change, labeling it the most pressing challenge facing humanity today. He noted that despite Nigeria’s status as a developing nation in the global south, its vulnerability to climate change’s adverse effects was alarmingly high. Nigeria is ranked among the ten countries worldwide that are most vulnerable to climate change impacts.

Vice President Shettima further remarked, “This is despite our negligible contribution to overall global carbon emissions responsible for climate change. In fact, Africa as a whole accounts for less than four per cent of total global carbon emissions.”

The Vice President spoke from personal experience, revealing that he and many others from the North-Eastern region of Nigeria bore the scars of climate change effects on a daily basis. He highlighted a range of impacts, including drought, desertification, disrupted rainfall patterns leading to sandstorms, severe floods, destruction of farmlands, infrastructure, and human settlements.

The Nigerian government’s declaration emphasizes the urgency of addressing climate change and its devastating consequences. With an eye-watering $7 billion economic loss and a tragic loss of lives, it is evident that climate change poses an imminent threat to Nigeria’s development and the well-being of its citizens.

Experts, policymakers, and communities are called upon to collaborate on strategies that prioritize climate resilience, mitigation, and adaptation efforts. As the country faces the far-reaching impacts of climate change, concerted global action is necessary to confront and overcome the challenges posed by this pressing crisis.

Tags: climate change crisisclimate change impactdisaster consequenceseconomic damageglobal actionloss of livesNigeria floodsUnited Nations eventVice President speechvulnerability
Previous Post

Nigerian Content Creators Reap Rewards as Twitter(X) Ad Revenue Program Takes Off.

Next Post

Tinubu Orders Financial Sanctions on Niger Republic Coup Plotters.

Related News

Fuel Subsidy Removal: Should Nigeria Continue With a Regressive Petrol Subsidy?

Depot Petrol Prices Drop Below Dangote’s ₦1,300 as Marketers Compete for Buyers

by Akpan Edidong
November 4, 2026
0

Lagos and Port Harcourt Petrol depots in Lagos and Port Harcourt are now selling below Dangote Petroleum Refinery’s new ₦1,300...

FG Obtain $300 Million World Bank Palliative Loan

Tinubu Defends $21.7 Billion Borrowing Push, Ties Loans to $1 Trillion Economy Goal

by Victoria Attah
October 30, 2026
0

President Bola Tinubu has defended his administration’s planned external borrowing, arguing that loans should be judged by the infrastructure they...

Petrol Prices Surge in West Africa as Nigeria Removes Subsidies.

Petrol Depot Prices Hit ₦1,349 as Dangote Holds Ex-Gantry Rate at ₦1,210

by Akpan Edidong
October 30, 2026
0

Petrol depot prices in major supply hubs have climbed as high as ₦1,349 per litre, while Dangote Petroleum Refinery has...

2024 Budget Outline: Oil Price Set at $77.96, Naira Stands at 750 Against the Dollar

Tinubu Seeks Senate Nod for $20.52 Billion and €1.05 Billion External Borrowing Plan

by Victoria Attah
October 28, 2026
0

President Bola Tinubu has asked the Senate to approve a supplementary external borrowing plan of $20.52 billion and €1.05 billion...

Next Post
Tinubu Orders Financial Sanctions on Niger Republic Coup Plotters.

Tinubu Orders Financial Sanctions on Niger Republic Coup Plotters.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

Nigeria’s Stock Market Records N1.81 Trillion Gain in July.

Securities Auctions Plunge 55.86% to ₦9.50 Trillion in October as Bond Yields Rise

November 4, 2026
Nigeria Plans New FX Rules, Targeting 750 Naira Exchange Rate

Naira Loses ₦16.17 in October Despite Rising Reserves and Higher FX Turnover

November 4, 2026

Popular Story

  • NEC Affirms CBN $3 Billion Loan for Naira Stability

    Dollar Shortage Bites as Naira Falls 1.31% Despite CBN’s $1.98 Billion Injection

    0 shares
    Share 0 Tweet 0
  • Naira Loses ₦16.17 in October Despite Rising Reserves and Higher FX Turnover

    0 shares
    Share 0 Tweet 0
  • Securities Auctions Plunge 55.86% to ₦9.50 Trillion in October as Bond Yields Rise

    0 shares
    Share 0 Tweet 0
  • Depot Petrol Prices Drop Below Dangote’s ₦1,300 as Marketers Compete for Buyers

    0 shares
    Share 0 Tweet 0
  • The importance of KYC in a financial institution.

    0 shares
    Share 0 Tweet 0

RateCaptain

We bring you the most accurate in new and market data. Check our landing page for details.

  • Home
  • About Us
  • Privacy Policy
  • Terms & Conditions
  • Disclaimer
  • Cookie Policy
  • Contact Us

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

No Result
View All Result
  • Home
    • About Us
    • Contact Us
  • FX Rates
  • Money Market
  • Cryptocurrency
  • Commodities
  • Corporates

Copyright © 2022 RateCaptain - All rights reserved by RateCaptain.

RateCaptain
Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
  • Manage options
  • Manage services
  • Manage {vendor_count} vendors
  • Read more about these purposes
View preferences
  • {title}
  • {title}
  • {title}
?>