On Saturday, during the May edition of the Nairametrics Industry Outlook webinar, the CEO of EnvAccord Limited, Mr. Ibrahim Salau, emphasized the need for collaboration among stakeholders in Nigeria’s agricultural sector to build comprehensive data to tackle the impacts of climate change.
Salau highlighted that Nigeria’s inflation rate, currently over 33%, is heavily influenced by food inflation, underscoring the urgent need for food security. He pointed out that agriculture is particularly vulnerable to climate change, as changing weather patterns significantly affect yields and food production.
Salau suggested that while individual organizations can generate data to predict weather changes, a centralized database managed by professionals would be far more effective. He proposed a collaborative effort involving various agricultural stakeholders and institutions like the University of Lagos to establish a research centre for nationwide monitoring of precipitation patterns. This centre could provide valuable data to all agricultural organizations for a nominal fee.
Agriculture and Climate Change
Salau emphasized the need to address climate change and mitigate its effects on the agricultural sector. He stated, “Agriculture is one of the most vulnerable to climate change. To respond to this challenge, we need comprehensive data on changing precipitation patterns.”
He advocated for a collective approach to data gathering, where the entire agricultural sector collaborates with research institutions to create a centralized database. This would be more effective than individual efforts and provide essential information to help organizations understand climate change impacts on their operations and make informed decisions.
Climate Insurance
Salau also discussed the growing climate insurance sector in Nigeria. As farmers become more aware of climate change’s impact on their businesses, they increasingly seek climate insurance to transfer their risks to insurance companies, ensuring stable revenue despite adverse weather conditions.
“The climate insurance sector in Nigeria is evolving in response to climate change challenges. We are also witnessing revolutionary support from the government in promoting climate resilience policies,” Salau noted.
He highlighted the role of the National Agricultural Insurance Corporation in providing tailored insurance products for farmers. Additionally, the Climate Change Act of 2021 integrates climate change action into national development priorities, and businesses are increasingly incorporating ESG principles into their operations.
Webinar Insights
The Nairametrics Industry Outlook for May focused on ‘Climate Change Resilient Strategies for Businesses.’ The webinar explored how extreme weather events disrupt supply chains in Nigeria and proposed resilient strategies such as diversifying suppliers, stockpiling, and adopting climate-resilient technologies.
Source – Nairametrics
